Paytm Payment Bank Services will be Closed from Tomorrow

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RBI had banned the services of Paytm Payment Bank last month. The central bank had said that these services would be closed by March 15. So in such a situation, people are very confused as to which services will work after March 15 and which will not. And many people also have a question in their mind that is paytm going to shut down. Let us know which services of the payment platform you can use from tomorrow as before.

Do you also run Paytm then this post is for you only. Recently RBI has issued a press release in which it has banned Paytm Payment Bank and the services provided by it like money transactions, FD, bill payment, Paytm FASTags, NCMC (Public Transport Payment), Paytm Wallet etc. Have done it. Today we will know why RBI has closed Paytm Payment Bank? And what will happen to people’s money after Paytm is closed, will they be able to withdraw it or not? You will know the complete information about what services are going to be closed.

Paytm is a digital platform with the help of which you can avail many services like online money transaction, bill payment, bus/train/airplane ticket, loan, investment, Fastag recharge, mobile recharge and many more. After the ban by RBI, you will be able to avail only a few services, the rest will be closed.

Paytm Payment Bank

Customers will not be able to use many services related to Paytm Payment Bank from tomorrow. The Reserve Bank of India (RBI) has banned Paytm Payment Bank and was given time till March 15, which has ended today. Now customers will not be able to use these services from tomorrow. Here we will talk about all those services which will not work from tomorrow.

These services will remain operational

  • Paytm Payment Bank users will be able to withdraw existing money from their account or wallet.
  • Closing Paytm Payment Bank Wallet: Paytm users have the option to transfer the balance to another account.
  • Yesterday four banks were made Paytm Partner Bank. It is possible to avail interest from Paytm Payments Bank accounts along with refunds, cashbacks and sweep-ins from partner banks. Paytm Payments can be debited from the bank account as long as the balance money is available.
  • Payment can be made to the merchant using Paytm Payment Bank Wallet.
  • Users can withdraw money from their Paytm bank account using UPI or IMPS.
  • FASTag will be available, but only till the balance. Users will not get the option to add more money.
  • From today i.e. after March 15, it will have to be linked to any other bank account. Let us tell you that Paytm has been approved to become a third party UPI app. Four banks have been included in this.
  • Paytm users will have to add another bank account or change their bank account from Paytm Payment Bank to another bank account for services like salary credit, EMI payments and other FASTag balance recharging.

These services will be closed

  • Top up for FASTag or Wallet account will not be available.
  • Users will not be able to take money from other users into their Paytm bank account.
  • Salary or other direct transfers will not be available.
  • Paytm’s ongoing Fastag balance can be transferred to another Fastag.
  • You will not be able to transfer money to your bank account through Paytm Payment Bank.

Paytm Share Price

Paytm shares closed today at Rs 370.70 with a gain of 5% or 17.65 points. Paytm’s 52 week high is Rs 998.30. Whereas 52 week low is Rs 318.05.

Why RBI Banned Paytm

Talking about the reason behind the closure of Paytm Payment Bank, you also know that according to the rules of RBI, other banks providing online payment services work so that people’s money remains safe and everything works as per the rules. Do the work. In such a situation, due to the wrong work by Paytm Payment Bank and not following the rules of RBI, RBI closed Paytm Payment Bank i.e. all the services like money transaction, Paytm Wallet, bill payment, FASTag etc.

What is the reason for closed Paytm Payment Bank?

There is also online payment and bank, everything has to work as per the rules of RBI so that people’s money remains safe and everything is done according to the rules, but due to Paytm not working properly and not following the rules of RBI, Paytm payment is done. The bank has been closed.