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 month. As 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 1. Noida-based One 97 Communications Ltd is the parent company of the Paytm Payments Bank. It holds 49 percent stake in the company.
To every Paytmer,
— Vijay Shekhar Sharma (@vijayshekhar) February 2, 2024
Your favourite app is working, will keep working beyond 29 February as usual.
I with every Paytm team member salute you for your relentless support. For every challenge, there is a solution and we are sincerely committed to serve our nation in full…
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".
