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RBI’s Action Against Paytm Bank



  Feb 05, 2024

RBI’s Action Against Paytm Bank



What’s going on with Paytm Bank?

The Reserve Bank of India (RBI) has told Paytm Bank to stop adding new customers because of some issues with how the bank was being run. They can’t offer new credit cards or open new accounts right now.

Can I still use my Paytm wallet and bank account?

Yes, if you already have a Paytm wallet or bank account, you can still use it as usual. The bank’s services, like transferring money, are still working.

What if I need to open a new fixed deposit with Paytm Bank?

You can’t open new fixed deposits with Paytm Bank after February 29, 2024. If you already have fixed deposits, they’re safe, but you need to make sure they follow the bank’s rules.

Will my automatic payments like mobile recharge or bill payments through Paytm be affected?

No, these payments will keep happening without any problem.

Can I still use Paytm for QR code payments in stores?

Yes, you can use Paytm’s QR code system to make payments in stores, and that’s not going to change.

What about transferring money from my Paytm Bank account?

You can still transfer money, but some specific services might not work after February 29, 2024. The bank will let you know if there are other ways to do these things.

What if I want to use Paytm’s other services after February 29?

You’ll need to move your automated payments like direct debits to a different bank. Paytm will help you switch to another bank before the deadline.

What’s the big picture here?

The RBI wants to make sure Paytm Bank is following the rules properly. Until Paytm Bank fixes the issues, they can’t take on new customers. But for existing customers, most services will stay the same.

SRIRAM’s


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