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SOURCE OF INFORMATION : RESERVE BANK OF INDIA WEBSITE & NEWSPAPERS
PERIOD COVERED : 01-AUG-1996 TO 21-NOV-2024

PAYMENT SYSTEM OPERATORS (NON-BANK): DIRECTED TO STOP ONBOARDING OF NEW CUSTOMERS

S.No. ENTITY PERSONS REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person PAYTM PAYMENTS BANK LTD.
  DID NOT COMPLY WITH DIRECTIVES/INSTRUCTIONS/GUIDELINES OF RBI ON COMPREHENSIVE SYSTEM AUDIT REPORT AND SUBSEQUENT COMPLIANCE VALIDATION REPORT OF EXTERNAL AUDITORS

DID NOT ADHERE TO INSTRUCTIONS OF RBI ON MATERIAL SUPERVISORY CONCERNS   		DIRECTED TO STOP ONBOARDING OF NEW CUSTOMERS

DIRECTED NOT TO FURTHER DEPOSITS OR CREDIT TRANSACTIONS OR TOP UPS ALLOWIN ANY CUSTOMER ACCOUNTS, PREPAID INSTRUMENTS, WALLETS, FASTAGS, NATIONAL COMMON MOBILITY CARDS ETC.

DIRECTED TO PERMIT WITHOUT ANY RESTRICTIONS, WITHDRAW OR UTILIZE BALANCES FROM THEIR ACCOUNTS INCLUDING SAVINGS BANK ACCOUNTS, CURRENT ACCOUNTS, PREPAID INSTRUMENTS, FASTAGS, NATIONAL COMMON MOBILITY CARDS ETC. UP TO AVAILABLE BALANCE

31-JAN-2024 		 
2
History of entity/person PAYTM PAYMENTS BANK LTD.
  DID NOT ADHERE TO INSTRUCTIONS OF RBI ON SUPERVISORY ACTION FRAMEWORK (SAF)   DIRECTED TO STOP ONBOARDING OF NEW CUSTOMERS

DIRECTED TO APPOINT IT AUDIT FIRM TO CONDUCT COMPREHENSIVE SYSTEM AUDIT OF IT SYSTEM

11-MAR-2022 		RBI VIDE ITS ORDER DATED 16/02/2024, PARTIALLY MODIFIED THE EARLIER DIRECTIONS DATED 31/01/2024 A) NO FURTHER DEPOSITS OR CREDIT TRANSACTIONS OR TOP UPS SHALL BE ALLOWED IN ANY CUSTOMER ACCOUNTS, PREPAID INSTRUMENTS, WALLETS, FASTAGS, NATIONAL COMMON MOBILITY CARDS, ETC. AFTER MARCH 15, 2024 (EXTENDED FROM THE EARLIER STIPULATED TIMELINE OF 29/02/2024) OTHER THAN ANY INTEREST, CASHBACKS, SWEEP IN FROM PARTNER BANKS OR REFUNDS WHICH MAY BE CREDITED ANYTIME B) WITHDRAWAL OR UTILISATION OF BALANCES BY ITS CUSTOMERS FROM THEIR ACCOUNTS INCLUDING SAVINGS BANK ACCOUNTS, CURRENT ACCOUNTS, PREPAID INSTRUMENTS, FASTAGS, NATIONAL COMMON MOBILITY CARDS, ETC. ARE TO BE PERMITTED WITHOUT ANY RESTRICTIONS, UPTO THEIR AVAILABLE BALANCE C) NO BANKING SERVICES, OTHER THAN THOSE REFERRED IN (II) ABOVE, LIKE FUND TRANSFERS (IRRESPECTIVE OF NAME AND NATURE OF SERVICES LIKE AEPS, IMPS, ETC.), BBPOU AND UPI FACILITY SHOULD BE PROVIDED BY THE BANK AFTER MARCH 15, 2024 (EXTENDED FROM THE EARLIER STIPULATED TIMELINE OF 29/02/2024). HOWEVER, FOR THE PURPOSE OF (II) ABOVE (VIZ. FOR WITHDRAWAL OR UTILISATION OF AVAILABLE BALANCE BY CUSTOMERS OR WALLET HOLDERS), SUCH FUND TRANSFERS INCLUDING AEPS, IMPS AND UPI MAY BE ALLOWED ANYTIME D) THE NODAL ACCOUNTS OF ONE97 COMMUNICATIONS LTD AND PAYTM PAYMENTS SERVICES LTD MAINTAINED BY PAYTM PAYMENTS BANK LIMITED ARE TO BE TERMINATED AT THE EARLIEST, IN ANY CASE NOT LATER THAN 29/02/2024 E) SETTLEMENT OF ALL PIPELINE TRANSACTIONS IN NODAL ACCOUNTS REFERRED TO IN ITEM (IV) ABOVE (IN RESPECT OF ALL TRANSACTIONS INITIATED ON OR BEFORE 29/02/2024) SHALL BE COMPLETED BY 15/03/2024 AND NO FURTHER TRANSACTIONS SHALL BE PERMITTED THEREAFTER. DIRECTED THAT WITHDRAWALS UPTO THEIR AVAILABLE BALANCE SHOULD BE FACILITATED BY THE BANK FROM ALL ACCOUNTS AND WALLETS, EXCLUDING THE ONES THAT ARE FROZEN OR LIEN MARKED BY LAW ENFORCEMENT OR JUDICIAL AUTHORITIES. FURTHER, IT IS DIRECTED THAT THE BANK SHALL FACILITATE A SEAMLESS WITHDRAWAL OF CUSTOMER DEPOSITS THAT ARE PARKED WITH PARTNER BANKS UNDER THE AUTOMATIC ‘SWEEP-IN SWEEP-OUT’ FACILITY WITHOUT CAUSING ANY INCONVENIENCE TO SUCH CUSTOMERS

RBI VIDE ITS ORDER DATED 23/02/2024, REITERATED THAT AS THE PAYTM PAYMENT CANNOT ACCEPT FURTHER CREDITS INTO ITS CUSTOMER ACCOUNTS AND WALLETS AFTER 15/03/2024, CERTAIN ADDITIONAL STEPS HAVE BECOME NECESSARY TO ENSURE SEAMLESS DIGITAL PAYMENTS BY UPI CUSTOMERS A) NPCI HAS BEEN ADVISED BY RBI TO EXAMINE REQUEST OF ONE97 COMMUNICATION LTD. TO BECOME A THIRD-PARTY APPLICATION PROVIDER (TPAP) FOR UPI CHANNEL FOR CONTINUED UPI OPERATION OF PAYTM APP, AS PER THE NORMSB) FURTHER ADVISED THAT IN THE EVENT OF NPCI GRANTING TPAP STATUS TO OCL, IT MAY BE STIPULATED THAT ‘@PAYTM’ HANDLES ARE TO BE MIGRATED IN A SEAMLESS MANNER FROM PAYTM PAYMENTS BANK TO A SET OF NEWLY IDENTIFIED BANKS TO AVOID ANY DISRUPTION. NO NEW USERS ARE TO BE ADDED BY THE SAID TPAP UNTIL ALL THE EXISTING USERS ARE MIGRATED SATISFACTORILY TO A NEW HANDLEC) FOR SEAMLESS MIGRATION OF ‘@PAYTM’ HANDLE TO OTHER BANKS, NPCI MAY FACILITATE CERTIFICATION OF 4-5 BANKS AS PAYMENT SERVICE PROVIDER (PSP) BANKS WITH DEMONSTRATED CAPABILITIES TO PROCESS HIGH VOLUME UPI TRANSACTIONS. THIS IS IN LINE WITH NPCI NORMS FOR MINIMISING CONCENTRATION RISK D) FOR THE MERCHANTS USING PAYTM QR CODES, OCL MAY OPEN THE SETTLEMENT ACCOUNTS WITH ONE OR MORE PSP BANKS (OTHER THAN PAYTM PAYMENTS BANK)  
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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