Big Relief To Millions Of Paytm Users, Can Use Paytm Payments Bank Till March 15

Shubham Dubey
2 Min Read

Paytm Payments Bank which is very much in discussion these days. Now a big update has come regarding this. Actually, the Reserve Bank of India i.e. RBI has extended the deadline to close the operations of One 97 Communications or Paytm Payments Bank, an affiliate of Paytm, till March 15.

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Let us tell you that the central bank, in an order in January, asked the Paytm unit to stop accepting any new deposits in its account or wallet starting February 29. RBI had said that this action was initiated due to persistent and serious supervisory concerns. Earlier this week, the country’s crime-fighting agency also started investigating details of foreign transactions on the platform.

The RBI said it is extending the deadline keeping in mind the interest of customers, including traders, who may need some more time to make alternative arrangements.

It is clearly stated in the notification that after March 15, 2024, no further deposit or credit transaction or top up will be allowed in any customer account, prepaid device, wallet, Fastag, National Common Mobility Card, etc.

Separately, the RBI also issued a FAQ on the impact of its order on Paytm Payments Bank.

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By Shubham Dubey Journalist and Social Media Manager
Shubham is responsible for managing News Waker's social media accounts. He creates and schedules content, responds to followers, and analyzes social media metrics to improve engagement.