Introduction:-Is paytm getting banned in india

I have brought essential information for those customers who are using Paytm. Let me tell you that RBI has partially banned Paytm. Today, I will give you complete information and tell you which Paytm services are being prohibited by RBI and when. It is also important to know if you have money in Paytm, have made FD, or have taken a loan from Paytm, then how to withdraw your money, and what precautions should be taken.

Is Paytm getting banned in India:-

Yes, Paytm is being banned partially . RBI issued a notice against Paytm on 31 January 2024, in which Paytm and its customers have been given time till 29 February 2024 to implement the ban partially. Action against Paytm Payments Bank Ltd under Section 35A of the Banking Regulation Act, 1949

Read official notice from Reserve bank of india (RBI)

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Why has RBI banned Paytm:-

Even before this, RBI had given many warnings on Paytm. It is said that RBI banned Paytm on 11 March 2022 by restricting permission for new KYC registrations and banning customer registration. This time, the RBI audit found that Paytm was making a mistake after mistake instead of correcting its earlier mistakes. Paytm was not able to follow the banking rules imposed by RBI properly. Seeing this issue, RBI has banned Paytm partially. RBI has also banned Paytm’s savings bank, current account, prepaid instruments, fastag, and national common mobility card. Is paytm getting banned in india. This is answer fir it.

Can customers deposit money from now on in Paytm after getting banned?:-

• No, RBI has completely banned Paytm payments by imposing strict rules.The customer cannot do any new transactions after 29 February 2024. Any money will not be deposited in the Paytm payment bank or wallet after 29 February.
• Suppose money is already deposited in your account. In that case, the customer can use that money even after 29 February, but the customer cannot deposit the money by making a new transaction.

Can customers do credit transaction from now on in Paytm after getting banned?:-

No , Paytm has also banned credit transactions. Customers who regularly transact money online, pay bills, or use Paytm to transfer money can also be affected.

How do you withdraw or use the remaining amount from Paytm after getting banned?

• RBI has allowed the withdrawal or use of the remaining amount. This means that you can use that money as long as there is money left in your wallet, savings account, current account, prepaid instrument, fastag, or national common mobility card.
• After 29 February 2024, you cannot deposit money in any of these services.

  What instructions has RBI given to Paytm after getting banned:

• One97 Communication and Paytm payment bank will permanently close on 29 February 2024.
• Any transaction that has not been settled through Paytm must be entirely settled by 15 March 2024.

Benefits given by RBI to Paytm customers after getting banned:-

• If the customer’s money has yet to be settled through Paytm, then that money can be settled even after 29 February.
• Customers can use their remaining money even after 29 February.
• The amount of discount, cashback, and interest can be settled even after 29 February.
• BBPOU and UPI facilities will remain available through other banks, which means customers can use UPI and BBPOU services in Paytm through different banks.

  Banned service list from Paytm:-

All these services will be banned after 29 February.

• Saving bank
• Paytm payment Bank
• current account
• prepaid instruments
• fastags
• NCMC
• AEPS
• IMPS
• WALLET

What do you do if your FD is in Paytm after getting banned?:-

• There is nothing to worry about. Paytm never provides FD service to anyone in their own bank. Paytm acts as a third person in this matter. Paytm gives your FD through another bank (IndusInd bank).
• There is nothing to worry you about. Even after Paytm is banned, you can continue maintaining your FD by connecting it directly to your bank.

What to do if you have taken a loan from Paytm after getting banned ?:-

• The customer has nothing to worry about. Paytm works like a third party in loan matters. Paytm gives you a loan by taking money from another bank service.
• In this situation, even after Paytm is banned, you can directly connect to the other bank that has given you the loan.

Conclusion:-Is paytm getting banned in india

Paytm is being partially banned for not following the banking rules of RBI. In all these situations, the customer should not be worried because all the strict punishments are only given to Paytm. In such incidents, there will be no loss from the customer’s pocket. Many Paytm services will be banned partially, but some services will still work well. Customers’ money will be well-spent even after the ban on Paytm. Whatever decision RBI takes, it considers the customer and favors the customer. The customer does not need to worry. Is Paytm getting banned in India, This is answer for it.

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