Paytm Payments Bank: After several weeks, some good news has come out for Paytm. RBI has given time till March 15 to Paytm to stop its banking service. Let us tell you that a few weeks ago, the Reserve Bank of India i.e. RBI had issued a notice to ban Paytm Payments Service. RBI had said that after February 29, no services of Paytm Payments Bank will work. RBI had taken such action due to irregularities shown by Paytm in banking services.
got 15 days extra time
Now RBI has given time till March 15 to Paytm and on the other hand Paytm has joined hands with a third party bank to keep its banking services running. Paytm will take the help of Axis Bank to extend its payments service to the users. Actually, Paytm has faced a lot of loss in the last few weeks, because after this action of RBI, lakhs of users have left Paytm and shifted to other online payment apps like PhonePe, GooglePe, BharatPe, but Paytm had said that RBI has closed the banking service of Paytm, so they will take the help of third party bank to provide their banking service, and for this they are in talks with many banks.
What did Paytm say
Paytm issued a press release saying that the company has transferred its nodal accounts to Axis Bank to continue business settlement without any hassle as before. The company gave clear information through its press release that Paytm QR Code, Soundbox and Card Machine will continue to work even after March 15.
What did RBI say?
Let us tell you that due to continuous violation of rules by Paytm in Payments Bank service, RBI had taken action against Paytm Payments Bank. However, last Friday, RBI said that merchants and customers have been given some more time to find alternative arrangements, hence the deadline for closing Paytm Payments Bank service has been extended from March 29 to March 15.
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