Produced by: Tarun Mishra Designed by: Manoj Kumar
As the deadline for the ban on Paytm Payments Bank looms closer, Paytm has provided an official update on its website, addressing concerns regarding the continuity of services after March 15.
According to Paytm's latest FAQ page, users can continue to utilize the Paytm app for recharges and bill payments without interruption. This applies to individuals who have linked their Paytm accounts to authorized banks like ICICI and HDFC.
Paytm reassures users that services such as Paytm QR, Soundbox, and Card Machine will remain functional even after March 15, unaffected by the impending ban.
Users can still access, withdraw, or transfer funds from their Paytm Payments Bank Wallet until the balance is depleted. However, deposits into the wallet will not be permitted post-March 15, 2024.
Although users can currently utilize FASTag and NCMC Cards issued by Paytm Payments Bank, recharging or adding funds to these cards will cease after March 15, 2024. Users are advised to utilize existing balances or seek refunds from the bank.
Paytm assures users that their funds are secure, emphasizing that the RBI directive only restricts new deposits or credit transactions post-March 15. Existing balances in accounts or wallets remain unaffected, ensuring the safety of users' money.
Amidst confusion surrounding the fate of UPI services, Paytm's clarification brings relief, affirming that users can continue to utilize UPI services without disruption.
For users of FASTag and NCMC Cards, Paytm outlines a refund process post-March 15, advising users to either utilize existing balances or request refunds from the bank.
While there is no restriction on withdrawing funds from existing balances post-March 15, users are encouraged to complete any necessary withdrawals before the deadline to avoid potential inconvenience.