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Why Paytm banned? Will you able to transfer money?

By Kaif - February 02, 2024 12:52 PM

Reserve Bank of India has banned almost all the services of Paytm Payments Bank. Since then there are many doubts among the people. Let us answer all your questions here. Why Paytm banned? Will you be able to transfer money?

Why Paytm banned?

RBI said it had asked Paytm Payments Bank to stop adding new customers in March 2022. However, a comprehensive system audit report and subsequent compliance verification report by external auditors revealed persistent non-compliance and continuing material supervisory concerns at the bank, necessitating further supervisory action, the RBI said without disclosing details. Here below you will get the answer to every question related to the banned

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Will you be able to transfer money through Paytm?

The ban imposed on Paytm is on the services of Paytm Payments Bank, not on the Paytm app. This means that users of Paytm app will be able to use the services of the app as before.

Why was Paytm Payments Bank banned?

Paytm Payments Bank was banned by the Reserve Bank of India on March 11, 2022 itself. At the same time, the central bank had stopped Paytm Payments Bank from adding new customers. This ban is still in force. At that time, RBI had asked Paytm Payments Bank to get its entire IT system audited. Due to shortcomings found in this audit, RBI has now imposed a strict ban on Paytm Payments Bank.

Which services will be affected by Paytm ban?

After this ban by RBI, customers of Paytm Payments Bank will face difficulty in using their accounts including savings and current accounts, prepaid facilities, wallets, Fastag, National Common Mobility Card etc. This ban of RBI will come into effect from 29 February 2024. Whereas the Central Bank has immediately banned Paytm Payments Bank from adding new customers.

Will you be able to receive money in Paytm account?

Whereas you will not be able to deposit more money in any Paytm wallet, Fastag, National Mobility Card etc. prepaid facility from March 1, 2024. It can also be understood that you can withdraw or transfer money from Paytm app, but after March 1, you will not be able to receive money in that wallet or account. However, you will continue to be paid cashback and interest.

What will happen to Fastag balance?

You can use the money in your Fastag, National Mobility Card etc. till it gets exhausted. You will not be able to put any more money in it after March 1.

Also Read: Why Omegle Shut Down After 14 Years?

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