Paytm’s Popularity and the RBI Directive
Paytm, popular for a multitude of services ranging from mobile recharges to FASTag payments, has recently stirred up concern among its users due to a directive issued by the RBI. Many users who rely on Paytm for FASTag and wallet services were left confused and worried. The directive, shared by RBI on Wednesday, has put a ban on the services of Paytm Payments Bank Limited. The RBI has stated that after February, Paytm Payments Bank Limited will not be denying any deposits/top-ups in customer accounts, wallets, and FASTags.
Users’ Concern and Paytm Founder’s Response
The directive has created a sense of unease among Paytm users, leading to a flurry of questions on social media and the internet. Responding to the concerns, Paytm founder Vijay Shekhar Sharma reassured users on social media that their favourite app will continue to function. He said, “Dear Paytm users, your favourite app will continue to work. We will continue to work as before after 29 February. I salute you all with the entire Paytm team. There is a solution to every challenge and we are committed to serving the nation.”
Future Use of Paytm and Wallet Porting
For those wondering if they can continue using Paytm, the answer is yes. Users can easily use the Paytm app and UPI in the future. Paytm Payments Bank transactions have been regularised, while the rest of Paytm’s services will continue. Regarding Paytm wallet porting, many people wonder if they can port it. The answer is no. However, you can use those rupees for recharges and payments.
Adding and Withdrawing Rupees from Paytm Wallet
Currently, users can use the Paytm wallet as it will continue to function as before. However, they will not be able to deposit money into the Payments Bank account. As for withdrawing money from the Paytm wallet, yes, it can easily be done. Users can easily withdraw their money not only from the Paytm wallet but also from the Paytm Payments Bank account. They have time until March 15 to do so.
- The RBI has issued a directive, banning the services of Paytm Payments Bank Limited.
- Paytm founder Vijay Shekhar Sharma has reassured users that the app will continue to function as before.
- Users can continue using the Paytm app and UPI in the future, but cannot port the Paytm wallet.
- Users can easily withdraw their money from the Paytm wallet and the Paytm Payments Bank account until March 15.
