Ban on Paytm Bank: Most of the people in our country use the famous company Paytm, Paytm also gives us the service of its Paytm Payments Bank and many users are also connected with this bank. But now there is a very bad news for Paytm Bank customers.
This is because the RBI i.e. Reserve Bank of India has taken a major action against Paytm Payments Bank Limited due to which the customers associated with this bank are in a lot of trouble as they are now not able to know that the action is taking place. After RBI, what changes will happen in Paytm Bank?
So, in today’s post, we are going to give you complete updates about Paytm Bank Ban so that you can get the right information about Paytm Bank Ban. Stay tuned till the end of this post to get complete information about Paytm Bank Ban.
Ban on Paytm Bank
What action did RBI take on Paytm?: Paytm Bank banned
According to Reserve Bank of India (RBI), Paytm has violated several banking laws, after which RBI has taken strict action against Paytm. The RBI says that Paytm has violated several rules in its audit report and the reports of external auditors.
Now due to this, RBI, acting on Paytm, has decided to stop credit and deposit facility for Paytm Payments Bank customers from February 29. That is, after February 29, if your account is in Paytm Payments Bank, you cannot deposit or receive money in it. Along with this, RBI has banned most of the services related to Paytm Payments Bank.
Also RBI has banned the facility of Paytm FASTag and Paytm Postpaid, but you will still be able to use the remaining balance in your Paytm FASTag, but once the balance is depleted, you will need to recharge it. Can use Paytm Bank. do not do it.
Will the Paytm app close now?
After this RBI action on Paytm, many people have a question in their mind, will my Paytm app stop working? So we tell you that nothing like this is going to happen, you can use your Paytm app as before without any problem.
Your Paytm app is working. Most of the services offered by Paytm are in partnership with various banks (not just our associate bank).
We started our journey of working with other banks in the last two years, which we will now accelerate pic.twitter.com/SKYUUuDjSS
— Paytm (@Paytm) February 1, 2024
Let us tell you that RBI has banned Paytm Payments Bank and not other services of Paytm. This means that you will be able to use all types of services on Paytm like UPI payment, recharge, electricity bill payment, water payment, Paytm Gold, Paytm Money etc. without any hassle. To use all these services, you have to use another bank like HDFC, Axis, SBI etc.
So, you don’t need to worry about it, you can use your Paytm app as before. After this RBI action, only Paytm Payments Bank users will be affected and not Paytm application users.
Losses in Paytm shares
Shares of Paytm have seen a fall of up to 20 percent in the stock market following this RBI crackdown. Paytm operates in the share market as One97 Communication Limited, and currently (as on February 2, 2024) its share is trading at Rs 487.
— ANI Digital (@ani_digital) February 2, 2024
However, Paytm CEO Vijay Sharma while talking to the media has said that even after February 29, Paytm users will be able to use all our services. For this, we are going to partner with other banks as well, so none of our customers need to worry about anything.
If you have any question related to this then you can ask us your question in below comment box.
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