Last month, the RBI imposed a ban on the services of Paytm Payment Bank. The central bank stated that these services would cease by March 15. Consequently, there is significant confusion among users regarding which services will remain operational after this date. Many are also questioning whether Paytm will be entirely banned. Here’s a breakdown of which services of the payment platform you can continue to use starting tomorrow.
Paytm Payment Bank
Starting today, customers will no longer have access to several services offered by Paytm Payment Bank. The Reserve Bank of India (RBI) imposed a ban on Paytm Payment Bank, with a deadline set until March 15, which has now expired. Consequently, customers will be unable to avail themselves of these services starting tomorrow. Here, we’ll discuss all the services that will cease to function from tomorrow.
These services will remain operational
Paytm Payment Bank users will still have the ability to withdraw funds from their account or wallet. Additionally, Paytm users can choose to close their Paytm Payment Bank wallet by transferring the remaining balance to another account. Notably, four banks were recently added as Paytm Partner Banks. This integration allows users to earn interest on Paytm Payments Bank accounts, as well as receive refunds, cashbacks, and sweep-ins from partner banks. Users can continue to make payments via Paytm Payments Bank accounts as long as sufficient funds are available.
Consumers can keep utilizing their Paytm Payment Bank Wallet to make payments to retailers. Additionally, users can choose to use IMPS or UPI services to withdraw money from their Paytm bank account.
Users will still be able to access FASTag services, but they will only be able to use their current balance; they will not be able to add further funds to their FASTag accounts. Users must link their Paytm Payment Bank account to another bank account as of right now, after March 15. It’s significant to remember that four banks are part of the agreement that allows Paytm to operate as a third-party UPI app.
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Paytm customers would need to add another bank account or transfer from their Paytm Payment Bank account to a different bank account in order to access services like salary credit, EMI payments, and other FASTag balance recharges.
These services will be closed
* Recharging FASTag or Wallet accounts will no longer be an option.
* Peer-to-peer transfers into Paytm bank accounts will be disabled.
* Direct salary or other transfers will not be processed.
* Existing FASTag balances on Paytm can be transferred to another FASTag.
* Transferring funds to bank accounts via Paytm Payment Bank will be unavailable.
Paytm Share Price
The closing price of Paytm shares today was Rs 370.70, indicating a significant increase of 5% or 17.65 points from the previous trading session. This increase indicates that investors are feeling good about the way the company is performing. The stock of Paytm has fluctuated over the past year, and its 52-week high of Rs 998.30 indicates a peak level of market value reached during this time. This is something to keep in mind. On the other hand, Rs 318.05 is its 52-week low, which is the lowest price the stock has traded over the same period of time. These numbers shed light on the fluctuating degrees of investor confidence and market conditions that Paytm encountered during the year.
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