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The RBI said this is being done keeping in view the interest of customers (including merchants) of PPBL who may require a little more time to make alternative arrangements and the larger public interest.
“Further, it is directed that the bank shall facilitate a seamless withdrawal of customer deposits that are parked with partner banks under the automatic ‘sweep-in sweep-out’ facility without causing any inconvenience to such customers,” the
The central bank has taken action against PPBL for persistent non-compliances and continued material supervisory concerns in the bank, warranting further supervisory action.
On Friday, the RBI also released a list of Frequently Asked Questions (
