Are you a Paytm Payments Bank customer? Check how RBI action impacts you

The Reserve Bank of India on Wednesday ordered Paytm Payments Bank Ltd., a unit of One 97 Communications Ltd., to stop its popular mobile wallet business along with other activities, citing persistent non-compliance and supervisory concerns.

The regulator said the firm, which processes transactions for India’s digital payments giant Paytm, must stop its banking activities after Feb. 29 Existing customers, however, can withdraw their funds and use up the balance in the prepaid cards or wallets without any restrictions, the RBI said.