RBI asks Paytm Payments Bank customers to shift to other banks by March 15

Bengaluru: The Reserve Bank of India (RBI) has extended the deadline for Paytm Payments Bank Ltd (PPBL) to stop facilitating deposits, credit transactions and top ups of customer accounts, prepaid instruments, wallets, FASTags, National Common Mobility Cards (NCMC) and other financial instruments to March 15. Earlier the deadline was set for February 29. The extension has been allowed in view of Paytm Bank’s large consumer base, a bulk of which is made up of merchants, who “may require a little more time to make alternative arrangements,” according to a statement from the central bank on Friday.