RBI bans PTM from accepting new monies

The Reserve Bank of India (RBI) has issued a circular banning PTM payments bank from accepting new funds into its accounts, wallets, and digital payment services, effective from 29th February. Existing customers can still withdraw money and use their wallets freely. The RBI's move comes after finding governance lapses and excessive entanglement between PTM payments bank and its parent company, 1997 communications. This ban will have significant logistical implications, as PTM will have to issue new QR codes and merchants will be required to move their beneficiary accounts to other banks.