Paytm Crisis QR UPI Soundbox FasTag What Will Happen to These Services All Details

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The Reserve Bank of India (RBI) has banned new deposit and credit transactions in the service of Paytm Payments Bank Limited. According to the Reserve Bank, the audit report has revealed that the bank has not followed the rules and guidelines. However, after this news spread like wildfire, there are many misconceptions among the people. In such a situation, here we are going to give you answers to many common questions which are in the minds of people regarding Paytm for the last few days. While some people believe that Paytm will be completely closed from March 1, some questions are related to Paytm Wallet, FasTag, UPI etc. So let us resolve these dilemmas of yours.

First of all, let us tell you that RBI says that Paytm Payments Bank will not be allowed to make deposits in any customer's account after February 29. It says that no credit transaction including wallet will be allowed. Here we are talking about Paytm Payments Bank, which is completely different from the basic features of Paytm.

What is Paytm Payments Bank?

Paytm Payments Bank is completely different from the original Paytm. Just as all the banks in the country open bank accounts for their customers, in the same way Paytm Payment Bank also provides the facility of zero balance account to its customers. All this happens virtually. Customers are also given a virtual debit card. After opening the account, money can be transferred to any account. Deposit can be withdrawn. Paytm Payments Bank also offers services like internet banking, mobile banking, UPI transactions. However, in 2022 itself, RBI had banned Paytm Payment Bank from adding new customers.

What is Paytm app?

As you too must be using Paytm app. This app works similar to PhonePe or Google Pay. Its features, such as movie ticket booking, utility bill payments, recharge etc. can be availed even without a Paytm Payments Bank account. You just have to register with your mobile number which is linked to any of your bank accounts and transactions keep happening in it. After logging in, the Paytm app is run by loading the amount into the Paytm wallet or directly linking the UPI.

Which services will be affected after February 29?

After February 29, deposits, credit transactions, top-ups or withdrawals to any customer account, prepaid card, wallet, Fastag, National Common Mobility Card (NCMC) etc. no permission will be given. However, customers can continue to use their existing balance on Paytm Fastag, but will not be able to recharge it further.

Similarly, with Paytm Payments Bank wallet, users can continue to use the wallet but they will not be able to add money to the wallet after February 29. However, there is no restriction on usage of existing balance from the wallet after February 29.

Which services will not be affected?

According to Paytm, offers like Paytm QR, Paytm Soundbox, Paytm Card Machine have been excluded from the latest changes made by RBI, which means merchant services will not be affected.
Apart from this, all UPI services will also continue to work without any interruption after February 29.

What will happen to Paytm Mutual Funds, Money Stock Account?

According to Paytm, all investments made by users with Paytm Money are safe and the recent RBI directive on Paytm Payments Bank will not affect the operations of Paytm Money Limited (PML) or their investments in equities, mutual funds or NPS. Paytm Money Limited is SEBI-regulated and fully compliant.

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