RBI banned paytm click here to know the risks facts and details

RBI banned paytm click here to know the risks facts and details

What actions did the RBI take against Paytm?

The RBI has barred Paytm Payments bank from conducting the following activities after 29th February,

• Accept deposits
• Provide credit services
• Assist with fund transfers to customer accounts, prepaid instruments, wallets, FASTags, or National Common Mobility Cards.


Why RBI cracked down on Paytm Payments Bank?

The Reserve Bank of India conducted an audit of Paytm Payments Bank and found several issues with their know-your-customer (KYC) processes for onboarding new clients.

Paytm Payments Bank had extensive related-party transactions with other Paytm group companies. This led to concerns about potential conflicts of interest and the bank’s autonomy.

The complex shareholding structure and IT concerns also add to RBI’s crackdown on the bank.


Your Paytm app is working and will keep working as usual beyond Feb 29th, 2024


Recharge & Bill Payments

Can I continue to use Paytm to do recharges and pay my bills?

Yes, absolutely! You can continue using Paytm App for all your bill payments and recharges, like always.
Rest assured, Paytm continues to support a wide range of payment options for your convenience.


Other Services

Can I continue to avail all other services on Paytm App ? (e.g. Movie ticket bookings, financial services & more)

All other services on Paytm App are unaffected, you can continue to use them on Paytm as usual, now and beyond Feb 29th, 2024.


UPI Payments

Can I continue to use UPI on Paytm app ?

Absolutely! You can continue using UPI services on your Paytm App without any interruption. You can make QR code payment across stores, online payments and send money.


Paytm QR

Will Paytm QR work as before?

Your Paytm QR is exactly the same as before. Continue using Paytm QR to accept fast, secure, and safe payments without any worries. All Paytm devices and services are operating as usual.


Paytm SoundBox

Will SoundBox and Paytm Card machine work as before?

Yes, our offline merchant payment network offerings like Paytm QR, Paytm Soundbox, and Paytm Card Machine, are working exactly as earlier. You can accept payments with ease on them. Do not worry, your money is safe with us.


Wallet

Can I continue to use Paytm Payments Bank Wallet?

Yes, you can continue to use Paytm Payments Bank Wallet services. Please note that you will not be able to add money to your Paytm Payments Bank Wallet after Feb 29th, 2024. However, there is no restriction on usage of existing balance from your wallet even after Feb 29th, 2024.


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