If you use Paytm Payments Bank Limited, a subsidiary of One97 Communications, then this news is useful for you. RBI has banned some services of Paytm Payments Bank. However, customers will be allowed to make transfers and withdrawals. Here we are going to tell you what effect this action of RBI against Paytm is going to have on the users. Here we are going to give you complete information about what will work and what will not work in Paytm, so that you do not have to face any kind of problem.
What is the decision of RBI?
Paytm Payment Bank Ltd With the addition of new customers, PPBL will not accept deposits/top-up in customer account, wallet and Fastag to any user after 29 February 2024.
Will FASTag work or not?
According to the guidelines issued by RBI, users can use the existing balance available in the Fastag account till February 29. At the same time, Paytm has said in its statement that it will try to provide the service with the help of other banks, and will update the users about it soon.
Will Paytm Merchant Payment Service work or not?
There will be no impact on Paytm’s merchant payment service. This means that Paytm’s offline payment network like Paytm QR, Paytm Soundbox, Paytm Card Machine will continue to work as before. Apart from this, the company will also continue to provide its services to new offline merchants.
Will loan and insurance equity services work or not?
According to the company, other financial services of OCL like loan distribution and insurance distribution are not related to Paytm Payment Bank. For this reason, services like loan, credit card, insurance provided by Paytm will continue to work in future also.
Will equity services work or not?
Equity booking services are run by Paytm Money. Therefore, it is difficult to clarify anything about it yet, but the company has said in its official statement that the investment made by users with Paytm Money is completely safe. According to the company, RBI’s action will not affect Paytm Money operations or investments made by users in equity, mutual funds, NPS. The company said, Paytm Money Limited is a SEBI-regulated entity and is fully compliant.
Will ticketing, shopping, food, games services work or not?
Apart from all these services, services like ticket booking, shopping, games, food etc. available on Paytm app will also continue, but following the guidelines of RBI, Paytm will provide all these services to the users with the help of other banks.
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