RBI (Reserve Bank of India) has imposed several restrictions on Paytm Payment Bank Limited on Wednesday. The Central Bank has issued a press release giving this information. RBI has said that the report of external auditors has revealed that Paytm Payment Bank Limited (PPBL) has not followed the guidelines of the bank.
In fact, in March 2022, the central bank had forbidden PPBL from adding new customers. The bank had asked PPBL to stop adding new customers with immediate effect. However, investigation has found that Paytm has not followed this, after which the central bank has imposed additional restrictions on PPBL.
On Wednesday, RBI has banned taking new deposits and credit transactions on all the services of PPBL. RBI has said in its press release that there will be no deposit or credit transaction in the account of any Paytm Payment customer.
What will be the impact on common users?
After this guideline of RBI, many users are worried that their Paytm What will happen to the account? This has to be understood in somewhat simple language. If your account is in Paytm Bank, then this is definitely a matter of some concern for you. However, RBI has ordered that customers can withdraw their money from Paytm Bank without any restriction.
Also read- Big action of RBI on Paytm… Will not be able to provide banking services after February 29, what will happen to the old customers?
Apart from this, you will not be able to recharge Fastag from Paytm. Let us tell you that even if you have not updated your KYC by January 31, you will not be able to use Paytm FasTAG.
If there is any EMI or statement pending from Paytm Bank, it would be better if you clear it soon.
You will not be able to do any transaction in Paytm bank account.
Neither will you be able to do any top-up, nor will you be able to send gift cards nor will you be able to recharge Paytm wallet.
It can be used for UPI payment. However, for this your account should be in another bank and not in Paytm Bank.
Chance is till 29th February
The new restrictions will come into effect after February 29. After that, neither any deposit nor credit transaction will be possible in any Paytm customer's account, wallet, prepaid instruments, wallet, FasTags, NCMC card. However, customers will be able to use all the facilities till the balance in their account is exhausted.
Also read- UPI Payment: So will your UPI ID be closed? Government has given time till 31st December
After February 29, 2024, Paytm users will not get any other services except services like UPI and BBPOU (Bharat Bill Payment Operating Unit). The central bank has given time to PPBL till March 15, 2024. During this period, all pipeline transactions and nodal accounts will have to be settled.
