in recent news, RBi has passed an order to restrict Paytm payment bank services. Paytm will stop onboarding new users from 29th February 2024. The letter from RBI includes multiple restrictions including deposits to Paytm wallets and payment bank accounts.
What Services will stop working on PayTM App from 15th March 2024
👉🏻PPBL Users Will not be able to receive Salaries, Deposits, DBT Benefits in their accounts
👉🏻Auto Debits Will Work only till the balance exhausted
👉🏻Topup/Transfer will not work
👉🏻 Time to Replace your PayTM fastag with other banks, Fasttag will work until the balance gets exhausted. You won’t be able to credit any more
👉🏻Refunds/Cashback are allowed to credit
The Most important thing, you might wanna know is whether can you use the wallet balance of the Paytm account or the Paytm bank.
So the answer is Yes, You can utilize the Paytm Wallet/fastag/Bank account until there is a balance in your account.
You can read more about the Paytm Payment bank’s press release here.
