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After the Reserve Bank of India's (RBI) ban on several activities of Paytm Payments Bank, Paytm has recently issued a reassuring message to all its users on its digital payments application.
The RBI cited "persistent non-compliance and continued material supervisory concerns" for prohibiting Paytm Payments Bank from accepting deposits, credit transactions, or top-ups.
Additionally, it barred the bank from onboarding new customers from February 29, 2023, onwards. The headline of the message said, "Your Paytm app is working and will keep working as usual beyond February 29, 2024."
What Does Paytm Say?
Despite the regulatory restrictions, users can still utilise the Paytm App for bill payments and recharge without any interruptions. "Rest assured, Paytm continues to support a wide range of payment options for your convenience," the notification adds.
Further, all other services (e.g. Movie ticket bookings, financial services & more) provided by Paytm App remain unaffected by the RBI ban and will continue the same way beyond February 29.
"You can continue using UPI services on your Paytm App without any interruption. You can make QR code payments across stores, online payments and send money. Your Paytm QR is the same as before. Please continue using Paytm QR to accept fast, secure, and safe payments without any worries. All Paytm devices and services are operating as usual," the message further read.
Paytm reassured users that its QR code payment system and offline merchant payment network offerings like Paytm QR, Paytm Soundbox, and Paytm Card Machine, are working exactly as earlier. Users can accept payments with ease, it said adding, "Do not worry, your money is safe with us."
Paytm Payments Bank Wallet Deposit Not Possible After February 29
While users can continue using Paytm Payments Bank Wallet services, they will not be able to add money to these wallets after February 29, 2024. However, there is no restriction on the usage of the existing balance from your wallet even after February 29, 2024.
Addressing concerns on the safety of funds, Paytm said that the RBI has issued a directive restricting Paytm Payments Bank Account/Wallet from accepting new deposits or allowing credit transactions after February 29, 2024. However, there is no restriction on the withdrawal of money from your existing balance even after February 29, 2024.
