Digital money flow in India has been increasing manifold over the last few years. From the pet shop in the village to the big mall in the cities, digital payments are now being implemented everywhere.
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In this situation Paytm, one of the leading companies providing digital money transaction services, continued to violate the norms. Due to this, it has already been banned to add new customers to Paytm Payments Bank in the year 2022.
In this situation, RBI has ordered to completely stop the operations of Paytm Payments Bank today (January 31).
In a statement issued by the Reserve Bank in this regard, “The Reserve Bank has imposed a ban on the operations of Paytm Payments Bank Limited (PPBL) under Section 35A of the Banking Regulation Act, 1949.
According to this order, after February 29, you will not be able to deposit money, carry out credit transactions, use prepaid services, wallets, FASTag etc. in Paytm Payments Bank.
Customers can withdraw money from their account. Also you can spend the money in FASTAC, Savings Account, Current Account etc.
Paytm Payments Bank to completely cease operations after February 29. Do not engage in any 'banking' activities other than money transfer activities. Meanwhile, users can continue to use the Paytm UPI service," RBI said.