New Delhi. The Reserve Bank of India (RBI) has taken strict action against Paytm Payments Bank Limited using powers under Section 35A of the Banking Regulation Act, 1949. The action comes as a response to alleged irregularities related to banking regulations, which led the RBI to impose fines. In particular, restrictions have been imposed on adding new customers. In such a situation, many types of questions are running in the minds of many customers…
Let us see what questions are troubling the customers and what are their answers.
1. Is the restriction limited to Paytm Payments Bank only?
• Yes, RBI restrictions specifically apply to Paytm Payments Bank Limited.
2. Can Paytm Wallet still be used?
• After February 29, 2024, customers will not be able to make deposit or credit transactions using Paytm Wallet. Additionally, the option to top up the wallet will no longer be available.
3. What will happen to the existing wallet balance?
• Customers can use the balance in their wallet till it is exhausted. However, no additional funds will be able to be added to the wallet after February 29, 2024.
4. Can Paytm be used for Fastag payment?
• Customers who have balance can make Fastag payments through Paytm till the balance is exhausted. However, no new deposits or top-ups will be allowed after February 29, 2024.
5. Will Wallet, Fastag, NCMC card be valid or not?
• From February 29, 2024, Paytm Payments Bank customers will not have the right to deposit, transact or top up funds through wallet, Fastag or NCMC card.
6. What updates regarding UPI features?
• After February 29, 2024, banking services like UPI facilities, Bharat bill payments and fund transfers will remain restricted for Paytm Payments Bank customers.
7. If due to some reason my funds remain in Paytm, how can I get them back?
• RBI has directed Paytm to settle all transactions and nodal accounts in the pipeline by March 15, 2024.