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# RBI Orders Paytm Payments Bank to Halt New Deposits After February Deadline Over Compliance Failures
- URL: https://www.theglobalbanker.com/rbi-orders-paytm-payments-bank-halt-deposits-february-2024-compliance/
- Published: 2024-01-31T12:35:00.000Z
- Updated: 2026-10-02T12:53:16.000Z
- Description: India's central bank directed Paytm Payments Bank to stop accepting new deposits and top-ups after 29 February 2024, citing persistent non-compliance and supervisory concerns.
- Author: TGB Editorial Team
- Tags: Regulations, Asia-Pacific, #archive

The Reserve Bank of India directed Paytm Payments Bank to cease accepting deposits, credit transactions and top-ups across all its customer accounts, prepaid instruments, wallets, FASTags and National Common Mobility Cards after 29 February 2024\. The order, announced on 31 January 2024, gave Paytm Payments Bank roughly one month to prepare for the restriction.

The RBI's announcement cited persistent non-compliance and continued material supervisory concerns as the basis for the action. The regulator did not enumerate each specific violation in the public communication. 

#### OWNERSHIP AND SCOPE

One97 Communications owns 49% of Paytm Payments Bank. 

In addition to bank accounts and wallets, the order covered FASTags — used by millions of Indian motorists to pay tolls electronically on national highways — and NCMC cards, designed for use across public transport networks and retail outlets. 

#### PREVIOUS RESTRICTIONS

Paytm Payments Bank had previously been subject to regulatory restrictions, including a 2022 order barring it from onboarding new customers pending completion of an IT audit. 

Paytm Payments Bank holds a payments bank licence, a category introduced by the RBI in 2015 to promote financial inclusion by allowing technology companies to offer basic savings and payment services without taking on the full balance-sheet risk of a commercial bank.