If you use Paytm then it is very important for you to read this news. Because fintech company Paytm is shutting down many services available on its app on March 1. Know all the details related to this:
If you use Paytm then it is very important for you to read this news. Because fintech company Paytm is shutting down many services available on its app on March 1. Actually RBI has taken strict action against Paytm Payments Bank. After which, from February 29 onwards, the company will not be able to provide banking facilities to Paytm Payments Bank customers.
Paytm Payments Bank customers will not be able to add money to their account.
Apart from this, RBI has also ordered the company to stop adding amount to the account of existing customers after February 29. The Reserve Bank has said that action has been taken due to non-compliance of rules.
RBI banned these services
RBI has said that after February 29, Paytm Payment Bank customers will not be able to deposit money in their accounts, prepaid instruments, wallets, Fastag and National Mobility cards. There is also a ban on making new deposits and new topups. No banking services will be provided by Paytm Payments Bank from March 1.
There is no ban on these things
However, even after February 29, there is no ban on Unified Payment Interface (UPI). Apart from this, no restriction has been imposed on customers’ withdrawal of money. Customers will be able to use the money in their wallet, FASTags, cards. But this is a big blow to the platform and its customers, especially business owners as it is widely used across the country.