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The Reserve Bank of India (RBI) has issued a notification citing persistent non-compliance and ongoing material supervisory concerns under Section 35A of the Banking Regulation Act, 1949. This has led to a ban on accepting deposits or top-ups to the Paytm Payments Bank and associated services, impacting millions of users. Additionally, as of February 29, 2024, the RBI has prohibited Paytm Payments Bank from onboarding new users.
This ban extends its effects to current users utilizing Paytm-linked services such as wallets, FASTags, and NCMC (National Common Mobility Card) cards, among others.
Action against Paytm Payments Bank Ltd under Section 35A of the Banking Regulation Act, 1949https://t.co/bswaWHSxtk
— ReserveBankOfIndia (@RBI) January 31, 2024
What Happens to Your Money in Paytm Payments Bank?
If you’re a Paytm Payments Bank customer with funds in your account, you can easily send it to another bank using options like UPI, IMPS, or RTGS. However, adding money directly to your Paytm account isn’t possible. If your money is in the Paytm Wallet, you can transfer it to a bank account. But keep in mind, there’s a Rs 25,000 limit per transaction, and the daily transfer limit is Rs 1,00,000.
Also, be aware of the 3% transaction fee when sending money to other bank accounts. For example, if you transfer Rs 25,000, you’ll incur a Rs 750 transaction fee.
Update: Paytm Payments Bank Limited, an associate of Paytm receives RBI directions. Paytm to expand its existing relationships with leading third-party banks to distribute payments and financial services products.
Read more here: https://t.co/NsPCOxp6VJ pic.twitter.com/fQjozyR11m— Paytm (@Paytm) January 31, 2024
Can You Still Use Paytm Wallet After February 29?
As of the current moment, there are no limitations on transferring funds from a Paytm Payments Bank or Paytm Wallet to another account. This service remains accessible even after February 29. However, please note that adding extra funds to your Paytm Wallet won’t be possible. Paytm has officially announced plans to transition services like Paytm Wallet, FASTags, and NCMC accounts to other banks soon.
Your Paytm app is working. Most of the services offered by Paytm are in partnership with various banks (not just our associate bank).
We started our journey of working with other banks over the last two years, which we will now accelerate pic.twitter.com/SKYUUuDjSS
— Paytm (@Paytm) February 1, 2024
Alternatives to Paytm
In India, there are several alternatives to Paytm, such as PhonePe, BharatPay, and even Google Pay. These services provide e-wallets that allow you to add funds and use them for various purposes
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