Question

In January 2024, the Reserve Bank of India (RBI) imposed restrictions on which of the following payment methods/banks?

• A. Airtel Payments Bank
• B. GPay
• C. Paytm Payments Bank
• D. Rupay

Answer 1

Answer:

C. Paytm Payments Bank

In January 2024, the Reserve Bank of India (RBI) imposed restrictions on Paytm Payments Bank. The Reserve Bank of India (RBI) on January 31 imposed major business restrictions on Paytm Payments Bank including accepting fresh deposits and doing credit transactions after February 29. On March 11, the RBI barred Paytm Payments Bank from onboarding new customers. The central bank said a Comprehensive System Audit report and subsequent compliance validation report of the external auditors revealed persistent non-compliances and continued material supervisory concerns in the bank, warranting further supervisory action. No further deposits or credit transactions or top ups shall be allowed in any customer accounts, prepaid instruments, wallets, FASTags, NCMC cards, etc. after February 29, 2024, other than any interest, cashbacks, or refunds which may be credited anytime, RBI said.