Paytm: What happens to users of the Paytm app after February 29? Will services such as the Paytm wallet continue to function after February 29? Following the RBI’s (Reserve Bank of India) crackdown on Paytm Payments Bank, these are some of the most frequently asked questions. In this article, we have tried to answer ost of your questions.
Will Paytm App stop working after 29th February?
All services offered by Paytm Payments Bank (PPBL) have been subject to restrictions by the Reserve Bank of India (RBI), in a surprising development. Beginning on February 29, 2024, certain limitations will be in place.
No further deposits or credit transactions would be allowed after the designated date, as the RBI’s instruction makes clear. By March 2024, Paytm Payments Bank is required by the RBI to stop providing services related to bill payments, fund transfers, and UPI features. Section 35A of the Banking Regulations Act, 1949, authorises the RBI to take this action.
Paytm founder Vijay Shekhar Sharma told the company’s consumers on Friday that their “favourite app” will continue to function after February 29 “as usual,” easing worries about the digital payments app’s operational state.
What can’t the users do after 29th Feb?
Following February 29, there will be no limitations on adding to or transferring funds from Paytm wallets.
Regretfully, the Paytm Payments Bank is no longer an option for this.
Transactions will be blocked after February 29 if a user’s UPI address is connected to Paytm Payments Bank.
After February 29, consumers having UPI addresses connected to other banks can still make purchases.
FASTags, prepaid instruments, and other Prepaid Payment Instruments (PPI) will not accept credit transactions or top-ups after February 29. This ban includes several sub-wallets for fuel and food as well as NCMC cards used in metros. Fund additions will not be permitted beyond the end of February, although existing amounts may be utilised until exhausted.
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