Concerned over household savings moving towards alternative investment avenues, RBI Governor Shaktikanta Das on Thursday asked banks to mobilise deposits through innovative products and services by leveraging their vast branch network.

The direction follows persistent non-compliances and continued material supervisory concerns, the central bank said in a statement. On March 11, 2022, the RBI had barred PPBL from onboarding new customers with immediate effect. Paytm group firm PPBL did not offer any comments on the RBI’s direction against the bank.