While Paytm is yet to give a clear statement on the same, here are 5 things you need to know about RBI restrictions on Paytm Payments Bank and how it may impact Paytm wallet, FASTag, UPI and more
In a big blow to Paytm, RBI has banned the company’s Paytm Payments Bank Ltd (PPBL) from further deposits or credit transactions or top ups in any customer accounts, prepaid instruments, wallets, FASTags, NCMC cards, etc. after February 29. The move from RBI comes after a Comprehensive System Audit report and subsequent compliance validation report of the external auditors revealed persistent non-compliances and continued material supervisory concerns in the bank, warranting further supervisory action. Although there are weeks left for the RBI ‘ban’ Paytm Payments Bank to come into effect, it has left millions of Paytm users confused. While Paytm is yet to give a clear statement on the same, here are 5 things you need to know about RBI restrictions on Paytm Payments Bank and how it may impact Paytm wallet, FASTag, UPI and more
Paytm wallet: What will happen to balance?
Paytm will be able to add and transfer money to Paytm wallet but not via Paytm Payments Bank post February 29. This means that you will be able to add more money to your Paytm wallet and use the existing balance to pay bills.
Paytm FASTag: You do not need to worry
Users who have bought a FASTag from Paytm do not have to worry. Paytm FASTag is linked to Paytm wallet and as transactions from the wallet will be allowed post February 29, the Paytm FASTag will also continue to work.
Paytm UPI: UPI payments will be allowed via other banks
Paytm users can make UPI transactions through any bank account and not only Paytm Payments Bank. If your UPI address is linked to Paytm Payments Bank, you will not be able to make any transaction post February 29. Users who have a UPI address linked to any other bank can continue transactions post February as well.
Paytm Money: What happens to stocks, mutual funds
RBI’s order against Paytm does not cover Paytm Money app. As these services are regulated by SEBI, it is unclear whether RBI’s order will have an impact on sale and purchase of stocks and mutual funds via Paytm Money app.
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