RBI on Paytm App Ban: RBI Deputy Governor Swaminathan J said that the action has been taken against fintech Paytm due to continuous non-compliance of rules.
Paytm Crisis: Reserve Bank of India i.e. RBI took a big decision on 31 January. Under this, the Reserve Bank took action against Paytm Payments Bank and banned it (RBI Banned Paytm Payments Bank). RBI has directed Paytm Payments Bank Limited not to accept deposits or top-ups in any customer account, prepaid instrument, wallet and Fastag after February 29, 2024.
Will Paytm app also be closed after February 29?
In such a situation, the problems of the users who were using Paytm’s bank account have increased. At present, people have many types of questions in their minds. Many people are considering Paytm Payments Bank and Paytm App as one. At the same time, many people are confused about the fact that due to the ban on Paytm Payments Bank by RBI, will Paytm App also be closed after February 29 (Is Paytm App Banned In India)? Now a big statement from RBI has come out regarding this.
RBI’s action does not affect Paytm App
RBI has clearly said that Paytm App will not be banned after February 29. Reserve Bank of India (RBI) said on Thursday that regulatory action has been taken against Paytm Payments Bank (PPBL) and Paytm App ( Paytm App) will not be affected by this.
RBI Deputy Governor Swaminathan J said after the Monetary Policy Committee (MPC) meeting, “One clarification has to be given, this particular action is against Paytm Payments Bank (Ban on Paytm Payments Bank) and do not link it with Paytm app. This action will not affect the Paytm app.
Will other banks partner with Paytm Wallet?
When asked whether other banks can partner with Paytm Wallet, he said that it is a business decision and banks will have to complete the necessary process as per the policy approved by their director bank. He said, “I am confident that if they want to enter into a partnership, they will complete the necessary process.”
This means that even though you will not be able to use Paytm Wallet through Paytm Payments Bank, but if any bank partners with Paytm Wallet, then you can deposit and withdraw money in Paytm Wallet through it.
Action due to continuous non-compliance of rules
RBI Deputy Governor Swaminathan J said that the action against fintech Paytm (RBI Paytm Ban) has been taken due to continuous non-compliance of rules.
Will be able to spend money deposited in Paytm bank account
Let us tell you that despite the ban on Paytm Payments Bank, you can spend the money deposited in your Paytm Bank account. Apart from this, you will also be able to use Paytm UPI like before. But, you will not be able to get services related to Paytm Bank like Paytm Wallet and Fastag.