Paytm Crisis QR UPI Soundbox FasTag What Will Happen to These Services All Details

The Reserve Bank of India (RBI) has banned new deposits and credit transactions in the service of Paytm Payments Bank Limited. According to the Reserve Bank, the audit report has revealed that the bank has not followed the rules and guidelines. However, after this news spread like fire, there are many misunderstandings among the people. In such a situation, here we are going to answer many such common questions, which have been in the minds of people about Paytm for the last few days. While on the one hand some people believe that Paytm will be completely closed from March 1, some questions are related to Paytm Wallet, FasTag, UPI etc. So let us clear these dilemmas of yours.

First of all, let us tell you that RBI says that Paytm Payments Bank will not be allowed to make deposits in any customer’s account after February 29. It has been said that no credit transaction including wallet will be allowed. Here we are talking about Paytm Payments Bank, which is completely different from the basic facilities of Paytm.

What is Paytm Payments Bank?

Paytm Payments Bank is completely different from the original Paytm. Just like all the banks of the country open bank accounts of customers, Paytm Payment Bank also provides zero balance account facility to its customers. All this happens virtually. Customers are also given a virtual debit card. After opening the account, money can be transferred to any account. Deposit can be withdrawn. Paytm Payments Bank also offers services like internet banking, mobile banking, UPI transactions. However, in 2022 itself, RBI banned Paytm Payment Bank from adding new customers.

What is Paytm App?

As you must be using Paytm app. This app works similar to PhonePe or Google Pay. Its features like movie ticket booking, utility bill payments, recharge etc. can be availed even without a Paytm Payments Bank account. You just have to register with your mobile number which is linked to any of your bank accounts and transactions take place in it. After logging in, Paytm app is operated by loading amount in Paytm wallet or by directly linking UPI.

Which services will be affected after February 29?

After February 29, any deposit, credit transaction, top-up or withdrawal in any customer account, prepaid card, wallet, Fastag, National Common Mobility Card (NCMC) etc will not be allowed. not allowed However, customers can continue to use their existing balance on Paytm Fastag but will not be able to recharge it further.

Similarly, with the Paytm Payments Bank wallet, users can continue using the wallet but they will not be able to add money to the wallet after February 29. However, there is no restriction on using the existing balance from the wallet after February 29.

Which services will not be affected?

According to Paytm, the latest changes made by RBI exclude offerings such as Paytm QR, Paytm Soundbox, Paytm Card Machine, which means merchant services will not be impacted.

Apart from this, all UPI services will also continue to work without any interruption after February 29.

What will happen to Paytm Mutual Funds, Money Stock Account?

According to Paytm, all investments made by users with Paytm Money are safe and the recent RBI directive on Paytm Payments Bank will not impact Paytm Money Limited’s (PML) operations or their investments in equities, mutual funds or NPS. Paytm Money Limited is SEBI-regulated and fully compliant.