RBI bans Paytm Payment Bank Due to Non Compliance issue

The Reserve bank of india (RBI) banned Paytm payment bank ltd for making transaction or top-up in customer account such as wallets and FASTtags linked to those account after 29 Feb 2024. According to RBI Paytm payement bank is banned due to its "persistent non compliance".

However customers can withdraw money from paytm before 29 feb after that no transaction can be done through paytm bank accounts. paytm parent company's such as one97 communication ltd. , Paytm payment bank ltd. (PBBL) have been banned by the central bank. Customers can use their payment from paytm app as their account is link with external bank.

FAQ's

1. Can we add funds to paytm wallet or paytm bank?

yes, you can but after 29 feb 2024 you will not able to add, top-up or any transaction from paytm bank.

2. can we make UPI payment form Paytm app?

yes, you can only the paytm payment bank has been banned not tha app. you can make other transaction smoothly.

3. can we withdraw or use balance from Paytm payment bank?

yes, you can withdraw or use balance before 29 feb 2024. After this date you cannot withdraw or use balance from wallet or paytm payment bank.