New Delhi. The Reserve Bank of India (RBI) has banned Paytm Payments Bank from March 15, leading to confusion among many Paytm users about the services that will remain operational and which will be discontinued.
The services that will remain active include..
- Users can continue to use the Paytm app for various transactions like credit card bills, mobile recharge, etc.
- Payments through Paytm QR Code, Soundbox and Card Machine will not be affected.
- Users can still access insurance services like car, health and new insurance policies through the Paytm app.
- Investments in equities, mutual funds or National Pension System (NPS) through Paytm Money will remain unaffected.
- The service of buying or selling digital gold will continue as usual.
- Users can still use UPI through their Paytm wallet or link another bank account for transactions.
Services that will be discontinued..
- After March 15, transactions will not be possible through Paytm Payments Bank accounts.
- Transactions through Paytm Payments Bank accounts through UPI or IMPS will be stopped.
- After March 15, users will not be able to port their Fastag through Paytm.
- Salaries being credited to Paytm Payments Bank accounts will stop.
- Regarding FASTag purchases, while Paytm FASTag will not be available after March 15,
- Users can still buy Fastag from other banks through the Paytm app.
Experts recommend users to either port or deactivate their Paytm Fastag to get the security amount back. They can contact Paytm customer care for porting or deactivation. Additionally, users are advised to link their other bank accounts to the Paytm app for seamless UPI transactions.
Paytm users should immediately take necessary action, such as porting or deactivating their Fastag and linking alternative bank accounts, to mitigate any inconvenience caused due to the Paytm Payments Bank restriction.