Paytm Bank Banned: RBI Takes Major Action, Bank to Shut Down Soon? Get the Full Details!
Paytm Bank Banned: The majority of people in our country use the popular company Paytm, RBI Big Step Against Paytm Bank which also offers services through its Paytm Payments Bank. Many users are associated with this bank. However, now there is very bad news for users connected to Paytm Bank.
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The reason behind this is that the Reserve Bank of India (RBI) has taken a major action against Paytm Payments Bank Limited, causing a lot of distress for users associated with this bank as they are now unsure about the changes that will occur in Paytm Bank after RBI’s action.
So, in this post today, we will provide you with complete updates on Paytm Bank Banned so that you can have accurate information about it. Stay tuned until the end of this post to get full details about Paytm Bank Banned.
What Action did RBI Take on Paytm?: Paytm Bank Banned
According to the Reserve Bank of India (RBI), Paytm has violated several banking regulations, leading RBI to take strict steps against Paytm. RBI states that Paytm has breached many rules as per audit reports and reports from external auditors.
Due to this, RBI has decided to discontinue the facility for Paytm Payments Bank customers to credit and deposit money from February 29 onwards. This means that after February 29, if your account is in Paytm Payments Bank, you cannot deposit or withdraw any money. Additionally, RBI has imposed restrictions on most services associated with Paytm Payments Bank.
Furthermore, RBI has also imposed a halt on Paytm FASTag and Paytm Postpaid services. However, you can still use the remaining balance in your Paytm FASTag, but once the balance is exhausted, you won’t be able to recharge it using Paytm Bank.
Will Paytm App Shut Down?
After RBI’s action on Paytm, many people are concerned about whether their Paytm App will stop functioning. However, let us clarify that nothing like that will happen. You can continue using your Paytm App as usual without any issues.
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It’s important to note that RBI has imposed a ban only on Paytm Payments Bank, not on other services of Paytm. This means you can continue using all services such as UPI payments, recharges, electricity bill payments, water bill payments, Paytm Gold, Paytm Money, etc., without any hassle. To use these services, you will need to use another bank like HDFC, Axis, SBI, etc.
Your Paytm app is working. Most of the services offered by Paytm are in partnership with various banks (not just our associate bank).
— Paytm (@Paytm) February 1, 2024
We started our journey of working with other banks over the last two years, which we will now accelerate pic.twitter.com/SKYUUuDjSS
So, there is no need to worry about anything related to this. You can continue using your Paytm App as before. After RBI’s action, only customers of Paytm Payments Bank will be affected, not users of the Paytm application.
Loss in Paytm Shares : RBI Big Step Against Paytm Bank
After RBI’s strict action, there has been a decline of up to 20% in Paytm’s shares in the stock market. The company operates in the stock market under the name One97 Communication Limited, and as of now (February 2, 2024), its shares are trading at ₹487 per share.
However, Paytm CEO Vijay Sharma has stated to the media that even after February 29, Paytm users will be able to use all our services. We are currently partnering with other banks as well, so there is no need for any of our customers to worry about anything.
Paytm is working, will keep working beyond February 29 as usual : Paytm founder Vijay Shekhar Sharma
— ANI Digital (@ani_digital) February 2, 2024
Read @ANI Story | https://t.co/RxqJTM0hFQ#Paytm #VijayShekharSharma #RBI pic.twitter.com/lqdqwnvkrr
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