What is happening at Paytm? Who will be affected by RBI order..?!

In this wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital age we live in there is no need to carry money everywhere. We can easily make money transactions with paytm, and PhonePe apps.
Paying for purchases, booking tickets, and recharges are all in the palm of your hand. paytm Payments Banks Ltd., a major player in wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital transactions, has more than 30 crore customers across India. In this case, the Reserve bank has banned the activities of this company. Paytm's wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital banking services began to expand in india during demonetization and lockdown. But since the beginning, the conflict between Reserve bank and paytm has continued. paytm Payments Limited is providing wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital money transactions and lending services through the paytm app. In this case, in a statement issued by the Central Reserve bank on 11th march 2022, it said that under Section 35A of the Banks Regulation Act, 1949, the operations of this company will be suspended. It also appointed a committee of auditors to examine the accounts and operations and submit a detailed audit report. The bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india has announced the suspension of paytm Payments Limited after various violations were found.
What's wrong with paytm customers: RBI to freeze critical operations of paytm Payments Ltd beyond february 29, 2024 Due to this announcement by RBI, paytm bank customers will withdraw their deposit funds from their accounts. In particular, customers' savings bank accounts, current accounts, FASTag used at toll booths, National Common Mobility Cards, and other services are affected, so the money in these accounts can be recovered. It has been given permission till february 29. paytm Payments bank accounts cannot be paid, credited, or transacted beyond february 29. However, there is no restriction on making transactions through Paytm's UPI. Unable to use the paytm app?: The RBI order will only affect customers using paytm Bank. At the same time, you can continue to use services like UPI using the paytm app without any problem. customers who have an account with paytm Payments bank should close it immediately. Merchants should switch from paytm to other services.

What is paytm UPI?:

There is no problem for those who only use UPI in the paytm app. You have an account with banks like SBI, indian bank, ICICI, etc. If you are connecting it to the paytm app and using it for UPI service then there is no restriction. It is not possible to perform operations such as money transfers, loan taking in paytm wallet, etc. in association with paytm Bank. So it is important to understand the difference between the two.
What is going to happen to Paytm?: Ratings firms have predicted that paytm shares will fall after RBI's announcement. It is said that it may take two years for paytm Payments bank to come back to the market after properly explaining the RBI's allegations and correcting the issues. Experts say it will be difficult to come back and capture customers and become a mainstream service bank.

మరింత సమాచారం తెలుసుకోండి:

Sowmiya Sriram

02/02/2024 12:22 PM