Feb 3, 2024, 12:00 AM IST
The RBI has ordered the payments bank subsidiary of Paytm to halt the acceptance of fresh deposits in its accounts and popular wallets from March onwards. Here is what you need to know.
Paytm wallet will stop functioning after Feb 29. You are advised to utilise money deposited in wallet before that date or simply transfer it to another bank account. After Feb 29, wallet funds can only be used to pay electricity and telephone bills.
Paytm payments bank will also stop functioning after Feb 29. Users won't be able to deposit money in the account after that date; however, they can withdraw it anytime.
Both yes and no. If you have linked your Paytm UPI to Paytm payments bank, it won't work after Feb 29. It will work smoothly in case some other bank account is linked.
Customers would be able to use the balance available in these prepaid instruments even after Feb 29. But no fresh top-up would be allowed after that date.
Customers would be able to get cashback, interest and refunds credited to their wallets and Paytm payments bank account even after Feb 29.