On January 31, RBI banned the well-known payment option Paytm Payments Bank. RBI said that after February 29, 2024, new deposits will not be accepted in the account and Paytm wallet..
Paytm Payments Bank is among the largest payment companies in India. Despite this, why has RBI banned some services? Let us know about its reason.
Taking a historic decision, RBI has banned the service of Paytm Payments Bank on Wednesday i.e. 31 January 2024. The Reserve Bank of India (RBI) gave the order saying that after February 29, 2024, the payment platform cannot accept new deposits in its accounts or wallets.
Today through this article we will tell you why RBI took such a big step against Paytm Payment Bank. Along with this, what reaction has Paytm given on this? Let us know about it.
What will be the changes?
Let us tell you that Paytm Payments Bank is part of India’s largest payment firms Paytm, which is used by millions of people.
But now the bad news is that after the ban imposed by RBI, from February 29, all the fund transfer facilities including the facility of depositing new amount, credit transaction on the platform will be closed..
The central bank’s Chief General Manager Yogesh Dayal said in the press release that after February 29, 2024, any deposit or credit transaction, other than any interest, cashback or refund, in any customer account, prepaid tool, wallet, FASTags, NCMC card etc. Or top up will not be allowed.
What to do with the saved money?
Apart from this, it has also come to light that if there is any amount left in the prepaid devices, Fastag, National Common Mobility Card etc. being used by the customers, then they can use it without any restriction till the amount is exhausted.
Also, if there is any amount left in your savings bank accounts, current accounts, you can easily withdraw it without any restriction.