Paytm company was facing a lot of difficulties for the last few years. Now the difficulties have increased further. Reserve Bank of India (RBI) has stopped many services of Paytm Payments Bank with immediate effect. As per RBI orders, now Paytm Payments Bank cannot add new customers. Along with this, RBI has issued this order that currently the customers of Paytm Payments and those who are using the wallet. After February 29, those people will also not be able to add amount to their account. Let us know what effect this will have on existing customers.
Relief to old users till 29th February
According to the orders issued by RBI, now Paytm’s Paytm Payments Bank cannot add new customers. However, in this regard, RBI has made it clear that the existing customers can use their account completely like before till 29th February. That is, if you have availed any facility through Paytm. Like Fastag, Common Mobility Card or postpaid loan, you can use that facility. But after this, any facility will not be able to be used further by Paytm. That means after February 29, you will neither be able to recharge Fastag, Common Mobility Card nor make transactions from your account. Therefore, if you are taking advantage of these facilities then make full use of them by 29th February.
What did RBI say?
Regarding the case of Paytm Payments Bank, Reserve Bank of India said that in the system audit report and completion validation report, it has been found that Paytm has been continuously ignoring the compliance standards. Due to which this decision has been taken. It was told by the bank that many more shortcomings have come to light in Paytm Payments Bank, due to which further strict action will be taken.
