“Deadline Today for Paytm Payments Bank: Services Set to Cease Operations”

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Customers of Paytm Payments Bank Ltd (PPBL) are facing a significant change today as the deadline set by the Reserve Bank of India (RBI) arrives. Following serious rule violations, the RBI imposed restrictions on PPBL, leading to the discontinuation of several key services. Paytm, a prominent player in India’s fintech sector, is advising its digital payment users to seek alternative banking solutions due to these developments.

Key services that will stop functioning from today include:

• Depositing money into Paytm Payments Bank accounts will no longer be possible. However, customers can still withdraw or transfer funds.
• Salary credits, direct benefit transfers, and subsidies will no longer be received in PPBL accounts. Nevertheless, customers will continue to receive refunds, cashbacks, and sweep-ins from partner banks.
• Topping up wallets or transferring funds from Paytm wallets will be suspended, although funds in the wallet can still be used to pay bills.
• Recharging FASTags and NCMC cards issued by Paytm Bank will not be supported.
• Transferring funds into Paytm Payments Bank accounts through UPI or IMPS will be restricted.

Despite these changes, the Paytm app will remain operational beyond March 15. Users without a Paytm Payments Bank account can continue to use UPI services through the app, provided it is linked to another bank account.

To address these disruptions, Paytm’s parent company, One97 Communications, has obtained approval from the National Payments Corporation of India (NPCI) to offer UPI services as a Third-Party Application Provider (TPAP). This new arrangement will involve partnerships with banks like SBI, Yes Bank, Axis Bank, HDFC Bank, etc., which will manage payment services for Paytm users.

Users can still utilize the Paytm app for bill payments, recharges, and other transactions. Paytm QR codes, soundbox, and card machines will also remain operational, ensuring minimal impact on everyday transactions for Paytm users.

Sources By Agencies