It was also told to not accept deposits or credit transactions or top ups shall be allowed in any customer accounts, prepaid instruments, wallets, FASTags, NCMC cards after 15 March 2024.

[18][20] In March 2021, the bank received approval from the Securities and Exchange Board of India for issuing payment mandates for initial public offerings (IPOs) through its "@paytm" UPI handle.

The handle was transferred to Yes Bank one day before the deadline to ensure existing users and merchants did not face any issues with their UPI transactions and AutoPay mandates.

[27] In January 2021, it tied up with Suryoday Small Finance Bank to offer fixed deposit services to its account holders.

[36][37] In continuation of these actions, and after the validation report of the external auditors revealed persistent non-compliance and continued material supervisory concerns in the bank, RBI ordered the bank to stop onboarding customers and not to accept deposits engaging in credit transactions, or making top-ups in customers accounts after 29 February 2024.

[13] The prohibition order also includes not accepting additional deposits in prepaid instruments, wallets, FASTags, or National Common Mobility Cards.