PayTM Payments Bank : Current Story
The linked FASTag may not see more funds are added to the wallet to spend on the toll tax gates, down further. And after you finish this balance, you will not be to use your FASTag anymore.
Paytm, which is a major player in India’s fintech market, is facing a setback as its banking arm, Paytm Payments Bank Ltd (PPBL), is stopping key services from Mid March. This comes after the Reserve Bank of India imposed restrictions on the bank, seeing serious Rule Violations. Customers who are relying on digital payments are advised to find alternative banking solutions from now.
These services to stop from now:
- Paytm Payments Bank customers can no longer be depositing money to their accounts, but may still withdraw or transfer funds from it.
- Users will no longer get salary credits in it, direct benefit transfers, and subsidies in their Paytm Payments Bank account, but will still continue to get refunds, cashbacks, and sweep-ins from partner banks.
- The Users cannot top-up their wallets or transfer funds from their Paytm wallet, however, they can still be able to use the money in their wallet to pay bills.
- Customers will not be able to recharge their FASTag issued by the Paytm bank.
- Recharging NCMC cards from Paytm Bank will not be possible.
- Users won’t be able to transfer funds into Paytm Payments Bank accounts through UPI or IMPS.
- Customers can still use their Paytm balances to pay for their subscriptions, but they will have to use a different bank account from March 15.
But, the Paytm app will keep running even after March 15. The services will not be affected if we do not have a Paytm Payments Bank account. You can still use its UPI services through the Paytm app, as long as it is linked to another bank in fact.
The Paytm’s parent company, One97 Communications, secured an approval from the National Payments Corporation of India (NPCI) to continue offering UPI services as a Third-Party Application Provider (TPAP). Under this new setup, Paytm will partner with major banks like SBI, Yes Bank, Axis Bank, HDFC Bank, etc, which will handle the payment services for current Paytm users.
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Customers can keep using the Paytm app for all their bill payments and recharges. The Paytm QR code, soundbox, and the card machine will also remain operational now.
Paytm Payments Bank on Friday said customers can continue using FASTag for making payments at enabled toll and parking merchants up to the available balance in their wallets despite the RBI’s deadline for not accepting deposits taking effect on March 15.
Paytm Payments Bank on Friday said customers can continue using FASTag for making payments at enabled toll and parking merchants up to the available balance in their wallets despite the RBI’s deadline for not accepting deposits taking effect on March 15.
The Credit balance transfer feature is not available from the old FASTag issued by Paytm Payments Bank to a new FASTag obtained from another bank, it clarified.
The FAQs from Paytm Payments Bank shows the latest RBI’s directive, stating that customers can continue to utilize their FASTag balances for toll and parking payments at enabled merchants. However, no further top-ups will be permitted after March 15, as per latest update.
What is the issue with Paytm Payments Bank?
The RBI’s decision to order the closure of Paytm Payments Bank comes from identified non-compliance issues and concerns within the institution. Several reports indicate that many of accounts were opened without proper identification protocols, raising red flags regarding potential involvement in wrong activities such as money laundering. This information has been shared with relevant authorities, including the Enforcement Directorate (ED) and the Prime Minister’s Office, for further investigation.
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