New Delhi, Feb. 2 -- The Reserve Bank of India (RBI) ordered Paytm Payments Bank on Wednesday to stop providing banking services, including accepting deposits and processing payments, within the following month. Fundamental transaction services made through Paytm's various platforms, such as the Unified Payments Interface (UPI), IMPS, Aadhaar-enabled payments, and other channels, have been put on hold by the central bank as of February 29.

The RBI's latest action is part of ongoing initiatives to guarantee stability and compliance in the financial industry.

The disciplinary action, which affects the app's users and the larger business community that relies on Paytm's network for payment processing, payroll, and other quasi-banking opera...