RBI - Paytm News - Simplifying Paytm Issue
For Paytm Users
- All UPI Payments will keep working
- Paytm Wallet will keep working
- Fastag will keep working
- All bookings will continue to work seamlessly
- Paytm QR, Paytm Soundbox, Paytm Card Machine, and all Paytm gadgets will continue to work
Problem Area
Paytm has its own Paytm Payments Bank, which allows customers to open accounts and keep the money in their digital bank, which could be utilized like regular bank accounts.
RBI has found supervisory issues in top management and functioning of Paytm Payments Bank and hence decided to stop their services from 1st March, 29th Feb 2024 being the last date.
Customers only dealing with Paytm Payments Bank should be concerned, and move their money and accounts to other Banks.
In a clarification from Paytm, the company will soon tie up with other banks to solve this banking issue.
RBI has also allowed money withdrawal from Paytm Payments Bank after 1st March.
A lot of misinformation about #Paytm development
All mainly talk about two things. Let's address that quickly.
1 Are my mutual fund investments via Paytm at risk? Will my SIPs be affected?
No. All that's via a separate company called Paytm Money, which is regulated by SEBI and not RBI.
2 Will my UPI via Paytm stop?
No. That's a big miscommunication by the media, to be frank.
The likes of Paytm, PhonePe, GPay, CREDPay, etc run UPI, via backend partnerships with certain banks
For PhonePe, it's a mix of YES BANK and ICICI Bank. For GPay it's Axis Bank. And for Paytm, it's the sister company of Paytm Payments Bank And, it's the payment bank that has been barred. from doing UPIP transactions, not Paytm
Means what?
If Paytm switches its backend banking partner, the UPI payments via the app will go smoothly.
And if you recall, when Yes Bank collapsed, PhonePe onboarded ICICI Bank in less than 18 hours or SO.
So, Paytm can do that too. No big deal.
Hope that clarifies all the concerns.
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