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HomeNewsDecoding the Paytm Payments Bank Conundrum: What to Expect After February 29

Decoding the Paytm Payments Bank Conundrum: What to Expect After February 29

Paytm Payments Bank: Paytm users are in confusion after the action of Reserve Bank of India on Paytm. They are not able to understand whether after this month they will be able to take advantage of all the facilities of Paytm or not. Is it possible that the Paytm app itself will be closed after February? What will happen to the money in Paytm wallet? If you also have some such questions in your mind, then here we are trying to answer all your questions. Know and remove the dilemma from your mind.

First question: Can we make UPI payment through Paytm?

The answer to this is both yes and no. Meaning, if you have linked Paytm Bank account to your Paytm, then you will not be able to make payment through UPI. But if you have linked any other bank account, then you can make UPI payment.

Second question: What will happen to the money in the wallet?

Before February 29, either spend the money present in the wallet or transfer it to another wallet or bank account. However, after February 29, you can use the wallet money to pay electricity and telephone bills.

Third question: Will shopkeepers be able to receive payments through Paytm?

The answer is that if they receive the payment in Paytm Payment Bank, then they will not be able to receive the money after 29th February.

Fourth question: What will happen to sub-wallets related to food and fuel?

The answer is that you can use the cash in the sub wallet, but now you will not be able to add new funds in it.

Fifth question: What will happen to Paytm Payments Bank account?

Customers, after February 29, you will not be able to do any transaction in your Paytm Payments Bank account.

Know why RBI took action on Paytm

The Reserve Bank of India (RBI) has imposed several restrictions on Paytm Payments Bank Limited, due to which Paytm has suffered a major blow. RBI has taken this step against Paytm Payments Bank Limited (PPBL) after the comprehensive system audit report and compliance verification report of external auditors.

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