In line with its jurisdiction under Section 35A of the Banking Regulation Act of 1949, the Reserve Bank of India has directed Paytm Payments Bank Ltd. (PPBL or the bank) to immediately suspend onboarding new clients. After February 29, 2024, no more deposits, credit transactions, top-ups, or withdrawals will be permitted in any customer accounts, prepaid cards, wallets, FASTags, NCMC cards, etc.
Can you still use Paytm for UPI?
Yes, Paytm customers can use UPI to make payment even after February 29, 2024. Note that the Company has been informed that this does not impact user deposits in their savings accounts, Wallets, FASTags, and NCMC accounts, where they can continue to use the existing balances.There are no limitations on how users can use the UPI channel and the PayTM app. Important to remember is that PayTM Payments Bank is not directly connected to the PayTM app; rather, it is controlled by the parent firm
Can you use Paytm wallet after February 29? Here’s what all Paytm users need to know
What are the other services which will continue
Other services that can be carried out include financial transfers, regardless of the name or type of the service, such as AEPS, IMPS, and so on. The bank should also provide BBPOU and UPI facilities after February 29, 2024.
Important FAQs
What happens if the PayTM app and / or the wallet of the remitter is linked to an account maintained with PayTM Payments Bank?
The remitter can continue to use the app to withdraw or transfer funds from his wallet or account at any time, without any restriction.
What happens if the PayTM app and / or the wallet of the beneficiary is linked to an account maintained with PayTM Payments Bank?
The beneficiary can continue to receive the credits upto February 29, 2024. Thereafter, the beneficiary can only withdraw or transfer funds from his wallet or account. No credits or top ups into Paytm Payments Bank account or wallet are allowed from March 1, 2024.
Your Paytm FASTag likely to become inoperative after Feb 29; here’s what you should do
Updates from our conference call on RBI directives for Paytm Payments Bank, an associate of Paytm
“In offline versions, where you see our All-in-one QR, powered by Paytm Payments Bank, now that QR will need to be changed to any other sponsored bank. This will be a large exercise, the new acquisition will immediately start in a week or two”, says President and COO Bhavesh Gupta.
“There are a set of products that the Paytm app offers to users, some products like FASTag are already distributed by other banks will continue,” says President and COO Bhavesh Gupta.
“Wallet is a very loved product by customers but its pure play impact to the GMV is very very small. UPI & Cards dominates so it is a very reasonably revenue earnings product,” says President and COO Bhavesh Gupta.
