Where on one hand digital payments are at the tips of the majority of Indians today, the Reserve Bank of India has directed Paytm Payments Bank to cease all deposits and credit transactions after Feb 29, 2024. This measure is a result of continued failures to comply and ongoing regulatory concerns within the bank, prompting inquiries about its effects on customers.
One of India’s largest payment firms – Paytm was told by the Reserve Bank of India that it will not be able to carry forward with fresh deposits, facilitate credit transactions, or offer fund transfers that include UPI after Feb 29.
Why Restrictions On Paytm?
Update: Paytm Payments Bank Limited, an associate of Paytm receives RBI directions. Paytm to expand its existing relationships with leading third-party banks to distribute payments and financial services products.
Read more here: https://t.co/NsPCOxp6VJ pic.twitter.com/fQjozyR11m— Paytm (@Paytm) January 31, 2024
Where on one hand deposits with several services like fund transfer and UPI facilities will face a pause, the customers will still be able to withdraw funds from their accounts. Paytm owns 49% of Paytm Payments Bank has not met regulatory standards and raises significant concerns.
Steps to close your Paytm Bank account :
Ahead of closing the Paytm bank account, one must ensure that you have zero balance in the account: Check that your bank account has zero balance. One can send or transfer it to any other bank.
Steps:
- Log in to your Paytm account using your phone number.
- Once done, click on the icon located in the top left corner of the home screen.
- Navigate to the Help section.
- Proceed to ‘Profile Settings’.
- Select the option of ‘close/delete my account’.
Lastly, after the final process the user will receive a confirmation message and the Paytm wallet balance will be transferred to the bank account in seven working days.
