After ban on some services of Paytm Payments Bank, will you be able to transfer money through Paytm app? The company gave this answer

After ban on some services of Paytm Payments Bank, will you be able to transfer money through Paytm app?  The company gave this answer

Paytm: Reserve Bank of India has banned many services under Paytm Payments Bank like wallet, credit i.e. loan, postpaid, Fastag etc. from 29th February. In such a situation, these services will be affected and many services will be banned. After this news came on the evening of 31st January, Paytm shares fell wildly on 1st February and today on 2nd February. However, will this cause the Paytm platform used as your UPI app to also be closed after February 29? What response has the company given to this and what the company's CEO Vijay Shekhar Sharma said today – you can know here.

Paytm app will continue to work

Chief Executive Officer (CEO) of One97 Communications Limited (OCL) Vijay Shekhar Sharma on Friday said that digital payment and services app Paytm is working and will continue to work as usual even after February 29.  < /p>

Paytm had also said in its press release about things that would remove all the dilemmas. On the other hand, the company's CEO Vijay Shekhar Sharma also posted on X to reassure its customers and an email is also being sent to the users on behalf of the company. There are many questions in the minds of Paytm customers on the orders of RBI and Paytm has answered these questions in its reply to BSE-NSE and also through a blog post today.

It is written in Paytm's blog that-

1. Paytm and its services will remain operational even after February 29, because most of the services offered by Paytm are in partnership with banks and not just with the associate bank (Paytm Payments Bank).< /p>

2. Paytm has been informed that this will not affect the amount deposited in users' bank accounts, wallets, Fastag and NCMC accounts. Users can continue to use their existing balance.

3.The recent directions of RBI in respect of Associate Bank of Paytm will not affect the operations of Paytm Money Limited (PML) or investment of customers in equities, mutual funds or NPS.  p>

4. Services of Paytm's offline merchant payment network, such as Paytm QR, Paytm Soundbox, Paytm Machine, will continue as normal and new offline and merchants can also be onboarded. 

5. Mobile recharge, subscriptions and other recurring payments will continue to run smoothly on the Paytm app.

Paytm has mailed its customers

Paytm has informed its customers about this through e-mail and has written in the e-mail that 

Dear Customer,

The Reserve Bank of India (RBI) has issued a directive to restrict Paytm Payments Bank accounts/wallets from accepting new deposits or allowing credit transactions after February 29, 2024. Please note that you will not be able to deposit or add money to your Paytm Payments Bank account/wallet after February 29, 2024. However, there is no restriction on withdrawing money from your existing balance even after February 29, 2024. 

This instruction does not affect your existing balance and your money is safe with the bank.

For any further assistance, please contact us through the 24×7 support section on the app.

Will Paytm continue to be used as a UPI platform? Know the company's answer

Paytm app will continue to work, because Paytm app operates under the parent company One97 Communications. CEO Vijay Shekhar has also said this. However, on whether the use of Paytm app for UPI services will continue even after February 29, 2024, Paytm has said on its official website that UPI services will continue without any restrictions till February 29, but what will happen after this date? Paytm has replied to this question quoting CEO Vijay Shekhar Sharma that "Guidance is needed from both NPCI and RBI on the issue of UPI acquisition and discussions have started between them. Therefore, we will follow whatever and how appropriate guidance they give us." 

This means that it cannot be said clearly yet what is the stand of RBI on the use of Paytm app for UPI services after February 29. Talks are going on between RBI and NPCI (National Payments Corporation of India) on this and instructions for this will come soon.

Read this also

Bharat Rice: Government launches Bharat Rice, price will be Rs 29 per kg, stock will have to be declared every Friday

Get more latest business news updates

Leave a Comment

Scroll to Top