Paytm: If you use the digital payment and financial service app Paytm, there’s important news for you. Recently, the Reserve Bank of India (RBI) imposed restrictions on Paytm Payments Bank Limited (PPBL) for non-compliance with regulations. In response, PPBL has announced that wallets with zero balance and no transactions for over a year will be closed on July 20, 2024.
Inactive Wallets to Be Closed
According to the information provided on PPBL’s website, inactive Paytm wallet users will receive a notice 30 days before their wallets are closed. The notice will target wallets that have had no transactions for the past year and have a zero balance. These wallets are set to be closed from July 20, 2024.
PPBL has advised customers to either activate or close their inactive accounts and wallets. If no action is taken by the deadline, the accounts and wallets will be closed automatically.
RBI’s Action and Restrictions
On January 29, the RBI issued an order imposing several restrictions on Paytm Payments Bank. The central bank instructed PPBL to halt accepting new deposits and credit transactions starting February 29, with the deadline later extended to March 15. Customers with remaining balances were permitted to use their funds until depleted.
Leadership Changes at Paytm Payments Bank
In related news, Vijay Shekhar Sharma, the founder of Paytm, resigned as the non-executive chairman and board member of Paytm Payments Bank on February 26. Following his resignation, the bank’s board of directors was reconstituted.
Customer Advisory
PPBL has urged its customers to review their account status and take necessary actions to avoid automatic closures. The bank’s move to close inactive wallets aligns with efforts to comply with regulatory requirements and streamline its operations.
For more information and to manage your account, visit the official PPBL website.
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