Photo used for illustrative purpose.
The Reserve Bank of India (RBI) in January ordered Paytm Payments Bank, an associate of One 97 Communications (OCL) - also known as Paytm, to stop accepting any fresh deposits in its accounts, or wallets, from Feb. 29. That deadline was extended to March 15, the RBI said on Friday.
“The company (Paytm) has shifted its nodal account to Axis Bank (by opening an escrow account) to continue seamless merchant settlements as before,” Paytm said in a release.