Will you be able to transfer money through Paytm? What changed due to RBI ban, know the answer to every question - Newztezz Online

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Thursday, February 1, 2024

Will you be able to transfer money through Paytm? What changed due to RBI ban, know the answer to every question


Reserve Bank of India has banned almost all the services of Paytm Payments Bank. Since then there are many doubts among the people. Let us answer all your questions here. How will this ban on Paytm Payments Bank affect you?

Reserve Bank of India has banned all the services of Paytm Payments Bank. After this, millions of Paytm customers are worried about what effect this will have on them. Will the service of Paytm Payments Bank be banned only or will it affect the users of Paytm app also? You will find answers to all your questions here…

Paytm Payments Bank banned

First of all, know that there is a company named One97 Communications. It is the owner of Paytm brand. It has two services, one is Paytm and the other is Paytm Payments Bank Services. Out of this, Paytm Payments Bank has received the license of payment bank from RBI. Here you will get the answer to every question related to this ban…

Will payment still be done through Paytm app?

The ban imposed on Paytm is on the services of Paytm Payments Bank, not on the Paytm app. This means that users of Paytm app will be able to use the services of the app as before.

Why was Paytm Payments Bank banned?

Paytm Payments Bank was banned by the Reserve Bank of India on March 11, 2022 itself. At the same time, the central bank had stopped Paytm Payments Bank from adding new customers. This ban is still in force. At that time, RBI had asked Paytm Payments Bank to get its entire IT system audited. Due to shortcomings found in this audit, RBI has now imposed a strict ban on Paytm Payments Bank.

Which services will be affected by the ban?

After this ban by RBI, customers of Paytm Payments Bank will face difficulty in using their accounts including savings and current accounts, prepaid facilities, wallets, Fastag, National Common Mobility Card etc. This ban of RBI will come into effect from 29 February 2024. Whereas the Central Bank has immediately banned Paytm Payments Bank from adding new customers.

Will the remaining balance get spoiled?

First of all, if you have kept your money in the wallet on Paytm app, then the ban will not affect you. At the same time, you will also be able to use payment services like UPI and IMPS. The facility of withdrawal or fund transfer will also continue in the accounts of Paytm Payments Bank.

Will not be able to receive money in the account?

Whereas you will not be able to deposit more money in any Paytm wallet, Fastag, National Mobility Card etc. prepaid facility from March 1, 2024. It can also be understood that you can withdraw or transfer money from Paytm app, but after March 1, you will not be able to receive money in that wallet or account. However, you will continue to be paid cashback and interest.

What will happen to Fastag balance?

You can use the money in your Fastag, National Mobility Card etc. till it gets exhausted. You will not be able to put any more money in it after March 1.

Paytm shares fell

Paytm may suffer losses due to this. Currently the company's share prices are falling and Paytm has said that it may suffer a loss of up to Rs 450 crore.

Paytm could not become a payment aggregator

Along with this, Paytm Payments Bank has also not got the license of payment aggregator. Last year, when this license was given to 32 companies in the country, Freecharge, Paytm and PayU were not approved. However, Razorpay, Reliance, Google, Zomato and Pine Labs have received this approval.

The payment companies in the country who wanted a license to become an aggregator had to register by September 2022. Earlier these companies were working as outsourced agents of banks. Only companies that have obtained the license of payment aggregators can run payment services in the country. Their monitoring will directly come under the purview of RBI. They will be known as an independent service provider apart from banks.

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