Paytm Bank Banned: Nearly everyone in our nation utilizes Paytm, a well-known firm that also provides us with the service of its Paytm Payments Bank, which is also linked to a large number of customers. However, there is terrible news in store for Paytm Bank subscribers.
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The reason for this is because the Reserve Bank of India, or RBI, has taken significant action against Paytm Payments Bank Limited. As a result, consumers connected to this bank are facing several difficulties since they are now unable to ascertain that following the RBI’s action, Paytm What modifications are planned for the bank?
To ensure that you get accurate information on Paytm Bank Banned, we will provide you with all the latest developments in today’s post. To learn everything there is to know about Paytm Bank Banned, read this text through to the conclusion.
What action did RBI take on Paytm? Paytm Bank Banned
The Reserve Bank of India (RBI) claims that Paytm has broken several banking regulations; as a result, the RBI has just recently taken strong action against Paytm. According to the RBI’s audit report and the reports of external auditors, Paytm has broken many regulations.
As a result, the RBI has decided to take action against Paytm and will no longer allow clients of Paytm Payments Bank to deposit or use credit starting on February 29. That means, you won’t be able to deposit or receive money into your Paytm Payments Bank account after February 29th. In addition, the majority of Paytm Payments Bank related services have been prohibited by the RBI.
In addition, the RBI has prohibited the usage of Paytm Postpaid and FASTag. Nevertheless, you may still utilize the remaining money on your FASTag, and if it is depleted, you can reload it using Paytm Bank. Not able to accomplish it.
Note: As of February 29, Paytm Payments Bank will be subject to the limitations placed on it by the RBI.
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Will Paytm App be closed now?
Will my Paytm app cease operating after this RBI action? is a question that many users have. We want to reassure you that nothing of the kind will occur and that you may continue to use the Paytm app as usual.
Let us inform you that the RBI has prohibited use of Paytm Payments Bank, but not of Paytm’s other services. This implies that you won’t have any issues using any of the services offered by Paytm, including UPI payment, recharge, water and energy bill payment, Paytm Gold, and Paytm Money. You will need to utilize other banks, such as HDFC, Axis, SBI, etc., in order to use all of these services.
As a result, you don’t need to worry about it and may continue using the Paytm app. The only people impacted by this RBI decision are the clients of Paytm Payments Bank, not the Paytm app users.
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Loss in Paytm shares
The stock market has seen a 20% drop in Paytm shares following the RBI’s tough action. As of today, February 3, 2024, the share price of Paytm, which is a corporation that operates on the stock exchange under the name One97 Communication Limited, is Rs 487.
Nonetheless, Paytm CEO Vijay Sharma stated in a media interview that Paytm customers would still be able to access all of our services after February 29. We will collaborate with other banks on this as well, so none of our clients need to be concerned about anything.
You can ask us a question in the comment section below if you have any questions about this.
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