Introduction
Did you hear that after March 15, 2024, we won't be able to use Paytm's banking services anymore? This news has left many of us wondering about the future of QR code payments, wallet transactions, ticket bookings, FASTag, and NCMC Card usage, as well as recharge and bill payments. Let's dive into these concerns for those who rely on Paytm services.
Recharge & Bill Payments
Q. Can I continue to use Paytm to do recharges and pay my bills?
A. Yes, absolutely! You can continue using the Paytm app for all your bill payments and recharges, like always.
Rest assured, Paytm continues to support a wide range of payment options for your convenience.
Ticket Booking
Q. Will I be able to continue booking tickets? (travel, movies, etc.)
A. All other services on the Paytm app are unaffected, you can continue to use them on Paytm as usual.
Paytm QR & SoundBox
Q. Will my Paytm QR code, Paytm Soundbox or Paytm Card Machine continue to work?
A. Yes, if your QR code, Paytm Soundbox or Paytm Card Machine is linked to any bank account other than Paytm Payments Bank, you can continue to use this arrangement even after March 15, 2024.
If they are linked to Paytm Payments Bank Account, then you will have to link the same to a bank account of another bank. Login to the Paytm for Business app for the same.
Wallet
Q. Can I continue to use Paytm Payments Bank Wallet?
A. Yes, you can continue to use, withdraw or transfer to another wallet or bank account until the balance is available in the wallet. Please note you will not be able to make any deposits in the same after March 15, 2024, however, all refunds and cashback can still be credited to your wallet.
FASTag & NCMC Card
Q. Will I be able to use FASTtag / NCMC Card issued by Paytm Payments Bank?
A. Yes, you can use the FASTag / NCMC Card issued by Paytm Payments Bank. However you will not be able to recharge or add money to the same after March 15, 2024.
You can either use the amount or close your FASTag / NCMC Card issued by Paytm Payments Bank and request the bank for a refund.
Paytm Payments Bank
Q. Is my money safe?
A. The Reserve Bank of India (RBI) has issued a directive restricting Paytm Payments Bank Account / Wallet from accepting new deposits or allowing credit transactions after March 15, 2024. However, there is no restriction on the withdrawal of money from your existing balance even after March 15, 2024.
The directive does not impact your existing balances in your account or wallet and your money is safe with the Bank.
Paytm crisis: ED hasn't found any FEMA violation in Paytm Payments Bank case, says report
Paytm Payments Bank (PPBL) is facing trouble as the Reserve Bank of India (RBI) stopped it from accepting new deposits starting February 29. This action was taken due to persistent issues found in the bank's audits, according to a report in The Hindu. The Enforcement Directorate (ED) also launched an inquiry into PPBL's transactions but found no violations of foreign exchange laws (FEMA). However, the RBI can still take action for other compliance issues.
The ED looks into financial crimes and money laundering but found no evidence of such activities in PPBL's case. Paytm clarified that neither it nor its subsidiaries engage in outward foreign remittance. They've been cooperating with authorities, providing necessary information.
To ease customers' concerns, the RBI extended the deadline for deposits and credit transactions in PPBL accounts until March 15. After this date, no further deposits or transactions will be allowed except for certain specified ones.
Additionally, Paytm's parent company, One97 Communications, has shifted its nodal account from PPBL to Axis Bank to ensure smooth operations beyond the RBI's deadline. This move aims to maintain critical services like the Paytm QR code functionality and card machine infrastructure. for an official update about Paytm.
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