Paytm Payments Bank Suspended By RBI, Users Will Not Be Able To Use It After 29 February


The Reserve Bank of India has ordered Paytm Payments Bank to halt all operations starting February 29, 2024. Customers will not be able to deposit money in their bank account, wallet, FASTags, NCMC cards, and other ledgers from next monthAs per the new restrictions imposed by RBI, Paytm Payments Bank will not be able to accept deposits in the following services starting February 29, 2024.

RBI has clarified that users will be able to utilize their existing funds, even after the deadline. However, customers will not be able to add any new funds to their below-mentioned account types from March 1Noida-based One 97 Communications Ltd is the parent company of the Paytm Payments Bank. It holds 49 percent stake in the company.

  • Paytm Payments Bank account
  • Paytm Wallet
  • Paytm FASTags
  • Paytm Fuel Wallet
  • Paytm Fixed Deposits
  • Paytm NCMC cards

  • A day after the RBI announcement, founder Vijay Shekhar Sharma took to his X (formerly Twitter) account to assure users that the app will continue to work as usual.

    Assuaging user concerns, Paytm has said that post the recent directives from the Reserve Bank of India (RBI) on PPBL, Paytm UPI services will remain unimpacted. Aligning with the RBI's directions, PPBL has assured that its existing customers need not worry about their money and can continue to use their account balances, including savings and current— "without restriction to available limit".


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