As we address RBI’s concerns, a message for our valued customers – Your account with us remains fully functional and deposits safe
We value our relationship and the trust you have placed on us over the years. This has helped us drive financial inclusion and bring innovative digital banking services to households in the country.
As you may know, the Reserve Bank of India (RBI) has directed us to temporarily halt onboarding of new customers with immediate effect, via a letter dated March 11, 2022. We are taking immediate steps to comply with RBI directions. PPBL remains committed to working with the regulator to address their concerns as quickly as possible. We shall notify when we recommence the opening of new accounts after obtaining RBI approval.
PPBL’s existing customers can continue to enjoy the benefits of seamless banking and digital payments services without interruption. The savings of existing users in their PPBL account, their fixed deposits with partnered banks and the balance maintained in their Paytm Wallet, FASTag or Wallet Card and UPI services are completely safe and functional. Any new users coming to the Paytm app can create Paytm UPI handles, and link them to their existing PPBL account or to other bank accounts. However, new users can not, until further notice, sign up for new PPBL wallets or PPBL savings or current accounts.
The bank remains fully committed to maintaining high standards of compliance and continues to promote digital banking services for all. Rest assured your accounts are fully functional and you can continue to enjoy our services.