Paytm Bank Banned: A significant number of people in our country rely on the popular company Paytm, which also offers the services of its Paytm Payments Bank. Many users are associated with this bank. However, now there is unfortunate news for users connected to Paytm Bank.
The reason behind this development is the significant action taken by the Reserve Bank of India (RBI) against Paytm Payments Bank Limited. As a result, users associated with this bank are facing considerable difficulties, as they are now uncertain about the changes that will occur in Paytm Bank following the RBI’s actions.
Hence, in today’s post, we aim to provide you with comprehensive updates on the Paytm Bank ban. This will ensure that you have accurate information regarding the situation. Please stay tuned until the end of this post to receive all the necessary details about the Paytm Bank ban.
As per the Reserve Bank of India (RBI), Paytm has been found to be in violation of numerous banking rules, leading to the imposition of strict measures by the RBI. The central bank asserts that Paytm breached several regulations, as highlighted in its audit report and external auditors’ findings.
As a consequence, the RBI, in response to these violations, has opted to suspend the credit and deposit facilities for customers of Paytm Payments Bank starting from 29th February. This implies that after the specified date, individuals holding accounts with Paytm Payments Bank will be unable to deposit or withdraw funds. Additionally, the RBI has imposed restrictions on a majority of services associated with Paytm Payments Bank.
Furthermore, the RBI has prohibited the services of Paytm FASTag and Paytm Postpaid. Although you can continue using the remaining balance in your Paytm FASTag, once depleted, you won’t be able to recharge it through Paytm Bank.
Note: The restrictions imposed by the RBI on Paytm Payments Bank will take effect from February 29.
Will the Paytm App be closed now?
After the RBI’s action on Paytm, many people are wondering if their Paytm App will cease to function. Rest assured, there is no need to worry; you can continue using your Paytm App as usual without any disruptions.
Clarification: The RBI has imposed restrictions specifically on Paytm Payments Bank, and not on other Paytm services. Therefore, you can continue using various services such as UPI payments, recharge, electricity bill payments, water payments, Paytm Gold, Paytm Money, etc., without any issues. To access these services, you can link your Paytm account with other banks like HDFC, Axis, SBI, etc.
Hence, there is no need to worry; you can continue using your Paytm App as before. The impact of the RBI’s action will be limited to customers of Paytm Payments Bank and will not affect users of the Paytm application.
Loss in Paytm shares
In the aftermath of RBI’s stringent measures, Paytm shares have witnessed a decline of up to 20% in the stock market. The company, operating in the share market under the name One97 Communication Limited, is currently (as of February 2, 2024) trading at Rs 487.
Nevertheless, Paytm CEO Vijay Sharma, in a media statement, reassured users that even after February 29, all Paytm services will remain accessible. He mentioned plans to collaborate with other banks to ensure a seamless experience for customers, eliminating any concerns. If you have any questions regarding this matter, feel free to ask in the comment box below.
We trust that this article provides you with a comprehensive update on the Paytm Bank ban. Please share it with your friends so that they too can have complete information on the Paytm Bank ban.
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