Paytm Payments Bank Ltd (PPBL), a significant entity in India’s fintech landscape, is ceasing key services from today. This development follows the Reserve Bank of India’s imposition of restrictions on the bank due to serious regulatory breaches. Customers who depend on digital payments are advised to seek alternative banking solutions.
From today, the following services will cease:
- Customers of Paytm Payments Bank can no longer deposit money into their accounts, although they can still withdraw or transfer funds.
- Users will no longer receive salary credits, direct benefit transfers and subsidies in their Paytm Payments Bank account. However, they will continue to receive refunds, cashbacks and sweep-ins from partner banks.
- Users cannot top-up their wallets or transfer funds from their Paytm wallet. They can, however, still use the money in their wallet to pay bills.
- Customers will be unable to recharge their FASTag issued by the Paytm bank.
- Recharging NCMC cards from Paytm Bank will not be possible.
- Users will be unable to transfer funds into Paytm Payments Bank accounts via UPI or IMPS.
- Customers can continue to use their Paytm balance to pay for subscriptions, but from 15 March, they will need to use a different bank account.
Despite these changes, the Paytm app will continue to function after 15 March. If you do not have a Paytm Payments Bank account, your services will not be affected. You can still use UPI services through the Paytm app, provided it is linked to another bank.
Paytm’s parent company, One97 Communications, has received approval from the National Payments Corporation of India (NPCI) to continue offering UPI services as a Third-Party Application Provider (TPAP). In this new arrangement, Paytm will collaborate with banks such as SBI, Yes Bank, Axis Bank, HDFC Bank and others, which will manage payment services for Paytm users.
You can continue to use the Paytm app for all your bill payments and recharges. Your Paytm QR code, soundbox and card machine will also remain operational.
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