RBI bans Paytm Payments Bank wallet, UPI, FASTag after February 29

The RBI has directed Paytm Payments Bank to stop new user signups while barring all financial services, including funds transfers and UPI, for existing customers from March 1st. It cites persisting IT compliance issues around KYC and data. Existing users have been given limited access to use balances for withdrawals until March 15 deadline.