Paytm Payment Ban: Reserve Bank of India has ordered to ban most of the services of Paytm Payments Bank from February 29.
Paytm Payment Banks: The Reserve Bank of India (RBI) on Wednesday announced a ban on Paytm Payments Bank Limited (PPBL) from February 29, 2024. This means that from February 29, 2024, Paytm Payments Bank Limited will be barred from onboarding new customers, accepting deposits and top-ups to any customer accounts, wallets and FASTags.
However, the Reserve Bank of India issued a notification on its website saying that some services of Paytm will be allowed such as customers will be able to transfer the balance remaining in the wallet to their savings account. Let us tell you about this complete news, also tell you which platform you can use instead of Paytm to make payment.
Information issued by RBI
According to the RBI website, Paytm customers will be able to withdraw or use the remaining balance in savings bank accounts, current accounts, prepaid instruments, Fastag and National Common Mobility Card without any restriction.
The notification issued by RBI also states that the time for completion of transactions for all pipeline transactions and nodal accounts (in respect of all transactions initiated on or before February 29) will be extended till March 15. And after that no kind of transaction will be allowed.
Which apps will users be able to use now?
Paytm used to be a big option for online payment users in India. Millions of people make payments every day through Paytm. In such a situation, after most of the features of Paytm Payments Bank are banned, users will have to use other payment apps and platforms. Let us show you a list of some main payment platforms, which can be used for online payments from February 29 onwards.
- PhonePe
- Google Pay
- AmazonPay
- WhatsApp Pay
- Mobikwik
- free charge
- Airtel Money
- Jio Money
