In response to the Reserve Bank of India’s (RBI) latest restrictions on Paytm Payments Bank, Paytm CEO Vijay Shekhar Sharma has reassured customers that the Paytm app will proceed to function usually past February 29.
“Your favourite app is working and will keep working beyond February 29 as usual. I, with every Paytm team member, salute you for your relentless support. For every challenge, there is a solution, and we are sincerely committed to serving our nation in full compliance. India will keep winning global accolades in payment innovation and inclusion in financial services, with PaytmKaro as the biggest champion of it,” mentioned Sharma in a put up on X (fromerly Twitter).Â
The RBI imposed curbs, prohibiting the financial institution from accepting new deposits or conducting credit score transactions after the desired date. However, present customers can withdraw or use their balances with out restrictions, and the financial institution is allowed to credit score curiosity, cashbacks, or refunds into accounts at any time.
Paytm Wallet Balances
Users can nonetheless high up and switch Paytm wallet balances after February 29, although not by Paytm Payments Bank. Paytm will shift to partnering with other banks for these services.
Deposits
Paytm Payments Bank is not going to settle for new deposits after February 29. Existing customers can add funds till the tip of February. Services like insurance coverage distribution and loans will stay unaffected.
Paytm stays dedicated to serving its customers and increasing its funds and monetary services enterprise in collaboration with other banks. The firm is assured in India’s continued success in cost innovation and monetary inclusion.
Loans by Paytm
Loans obtained by Paytm from third-party lenders carry no danger, and debtors should proceed making repayments.
“The Paytm Payment Gateway business (online merchants) will continue to offer payment solutions to its existing merchants. Other financial services, such as loan distribution, insurance distribution, and equity broking, are also not in any way related to Paytm’s associate bank and are expected to be unaffected by this direction,” the corporate mentioned.
Paytm FASTags
Paytm FASTags linked to the Paytm wallet will proceed to perform usually after February 29, permitting wallet transactions.
Paytm UPI
Paytm Payments Bank customers will be unable to become profitable transfers, invoice funds, or UPI transactions by the financial institution after February 29. Users with UPI addresses linked to other banks can proceed transactions as ordinary.
Stock Trading
The RBI’s directive doesn’t have an effect on inventory buying and selling services offered by the Paytm Money app, regulated by SEBI. No adjustments are anticipated within the sale and buy of shares and mutual funds through the app.
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