Is paytm forbidden for people to use it..!?  RBI Action..!

The RBI has imposed strict restrictions on the use of paytm, citing violations of the rules. Over the last few years, the number of money transfers through wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital internet services has continued to increase. people use services like paytm and Gpay. From star hotels to small shops, these are widely used. In this context, strict restrictions have been imposed on the paytm company, saying that they are continuously violating the rules imposed by the Reserve Bank. Accordingly, there is a ban on new deposits and money transfers in Paytm. It has been announced that these restrictions will come into effect after february 28.
In 2022, paytm Payment bank was banned from adding new customers. Amidst this, an investigation by RBI auditors revealed that paytm Payments bank was involved in a series of violations. In this case, additional restrictions have been imposed on Paytm. In a statement issued by the RBI, "There has been a series of violations and it is necessary to take necessary action. paytm Payments bank will not be allowed to make deposits in any customer accounts after february 29.What are the RBI restrictions?
No money transfers including wallet are allowed. However, there is no restriction on withdrawing and using existing funds in paytm accounts. RBI has directed paytm Payments bank to exercise all powers under Section 35A of the banking Regulation Act, 1949. After february 29, no further deposits, transfers, or top-ups will be allowed in customer accounts, prepaid accounts, wallets, passtag, National Common Mobility Card, etc.
However, existing funds in Savings bank Accounts, Current Accounts, Prepaid Accounts, Wallets, Fastag, National Common Mobility Cards etc. are allowed to be used. customers are also barred from using the bank's UPI facility. The accounts of Paytm's parent company One97 Communications Ltd and paytm Payments bank have been frozen by the RBI. Transactions initiated on or before february 29 must also be completed by march 15 and no further transactions will be allowed,” it said.
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Sowmiya Sriram

31/01/2024 09:55 PM