Paytm Payments Bank shuts down from today these service will not work

Paytm: Paytm users, please note! Many services of the company’s flagship service ‘Paytm Payments Bank Limited’ (PPBL) are being shut down from today. Last month, the Reserve Bank of India (RBI) had asked Paytm Payments Bank to shut down all its services. Now, Payments Bank customers will not be able to deposit money in their accounts. However, the facility of withdrawing and transferring money will continue. After today, salary credit, direct benefit transfer or subsidy will not be available in Payments Bank accounts, but the facility of refund, cashback and sweep-in from partner banks will continue.

These services will be closed from today

• Paytm Payments Bank customers can no longer deposit money in their accounts, but money can be withdrawn or transferred.
• Salary will not be credited to Paytm Payments Bank accounts from now on. Subsidy will also not come.
• Paytm Payments Bank users will no longer be able to top-up their wallets. Funds will not be transferred from Paytm wallet. However, the money present in the wallet can be used to pay bills.
• FASTag issued by Paytm Bank cannot be recharged.
• NCMC card cannot be recharged from Paytm Payments Bank.
• Now users will not be able to transfer funds to their Paytm Payments Bank accounts through UPI or IMPS.

Paytm App will continue to work

The Paytm app will continue to work as before. If you do not have a Paytm Payments Bank account, you will not face any interruption in using Paytm. UPI services will continue to be used on the Paytm app.

Why is Paytm Payments Bank shutting down

A report said that thousands of accounts were opened in Paytm Payments Bank without proper identification, raising suspicion of illegal activities like money laundering. According to sources, this information was also shared with authorities including the ED and the Prime Minister’s Office.