RBI had imposed a ban on Paytm Payment Bank services last month. The Central Bank had instructed to close these services by March 15. Therefore, people are quite confused about which services will continue to function after March 15 and which ones will not. Many people also have the question in their minds whether Paytm is going to shut down. Let’s find out which services of the payment platform you can continue to use from tomorrow.
Paytm Payment Bank
Customers will not be able to use several services related to Paytm Payment Bank from tomorrow. The Reserve Bank of India (RBI) has imposed a ban on Paytm Payment Bank, and the deadline was until March 15, which has ended today. Now, customers will not be able to use these services from tomorrow. Let’s discuss all those services that will not work from tomorrow.
These services will remain open
here’s the information
- Users of Paytm Payment Bank can withdraw funds from their accounts or wallets.
- They have the option to transfer the balance amount to another account.
- As of yesterday, four banks have been made Paytm Partner Banks.
- With partner banks, users can earn interest on Paytm Payment Bank accounts, along with refunds, cashback, and sweep-in services.
- Users can debit from their Paytm Payment Bank accounts as long as the balance is available.
- Merchants can accept payments using the Paytm Payment Bank wallet.
- Users can withdraw money from their Paytm Payment Bank accounts using UPI or IMPS.
- FASTags will still be available, but users will only be able to use the available balance. They won’t be able to add more money themselves.
- Starting today, i.e., after March 15th, users will have to link it to another bank account if they want to add funds. It’s worth noting that Paytm has been granted permission to become a third-party UPI app, including four banks.
- Paytm users will need to link another bank account or transfer their Paytm Payment Bank account to another bank account for services such as salary credits, EMI payments, and recharging other FASTag balances.
This services will be Closed
- Top-up will not be available for FASTag or wallet accounts.
- Users will not be able to receive money into their Paytm Payment Bank accounts from other users.
- Salary or other direct transfers will not be available.
- The balance from Paytm’s issued FASTags can be transferred to other FASTags.
- You will not be able to transfer money to your bank account via Paytm Payment Bank.
Paytm Share Price
Paytm’s share closed today with a gain of 5% or 17.65 points at 370.70. The 52-week high for Paytm is 998.30 rupees, while the 52-week low is 318.05 rupees.
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