RBI will stop many banking services like credit transactions and collection of deposits. It is reported that the Reserve Bank of India will take this decision in the wake of violation of norms.
Paytm: Do you have an account in Paytm Payments Bank? But you should know these things. what is that Do you want..? The Reserve Bank has issued an Ash India Alert to those who have an account with Paytm Payments Bank. Now let's find out what it is.
RBI will stop many banking services like credit transactions and collection of deposits. It is reported that the Reserve Bank of India will take this decision in the wake of violation of norms. As per RBI directives, services like credit transactions, topups, deposit taking, Paytm balance and FASTag will be stopped after 29th of this month (February 29). It means that all banking services of Paytm Payments Bank will stop from March 1, 2024.
But no one needs to worry in the face of RBI orders. RBI has banned only Payments Bank in Paytm. It said that there are no restrictions for customers in Paytm to use the balance in their respective accounts. It has been said that you can withdraw as per your limit in savings but current account without any restrictions.
The RBI has announced that the nodal accounts of Paytm's parent company One97 Communications Limited and Paytm Payments Bank Limited PBBL will be cancelled. Any deposits, credit card transactions, top ups in customer accounts, prepaid wallet, FASTAG etc. will not be allowed after the date specified in this order.
Similarly, RBI has said that there will be an exception for cash back and other refunds. The RBI has clarified that there are no restrictions for bank customers to withdraw from or use their balance including Savings Accounts, Current Accounts, Prepaid, FASTAG, National Common Mobility Card etc.