• Source:JND
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The Reserve Bank of India scrapped the banking license of Paytm Payments Bank Ltd (PPBL), leading to panic among the customers. Amid the concerns, the firm has assured that the money deposited by the customers is safe, adding that the bank has a sufficient amount to make all the refunds. While the bank once claimed to have a customer base of over 100 million, it has now moved towards closure due to the latest action.

Earlier in January 2024, the regulator had barred the bank from receiving fresh deposits, citing compliance concerns. Anticipating any further action, the customers began withdrawing their money from their accounts; however, both the RBI and the company have assured that the total amount is safe. In its statement, the PPBL stated that the details regarding the refund will be disclosed soon.

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"Your money is safe. PPBL has sufficient liquidity to repay its entire deposit of all its customers. All balances held in your Savings Account, Current Account, prepaid instruments, Wallet, FASTags, NCMC cards and other deposit instruments with PPBL are fully secure. We will communicate further steps in time," the bank said.

Apart from this, the regulator also confirmed that the company has "enough liquidity to repay its entire deposit liability upon winding up of the bank", providing a further assurance to the customers. As per the reports, details regarding the timeline of the refund are expected in the upcoming weeks. In its statement, the PPBL has not disclosed the total number of customers and the deposit base as of April 24, 2026.

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Earlier on March 11, 2022, the customers began withdrawing their amounts after the RBI directed the bank to stop onboarding the new customers on an immediate basis. The intervention from the regulatory body has ended the bank's operation; however, it has also assured the customers of full repayment.


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