Paytm Payments Bank to Stop Working From Today Paytm Payments Bank users are still able to withdraw or transfer money from their accounts, but they are no longer able to deposit money into them.
By Entrepreneur Staff •
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Paytm, a significant participant in the fintech industry in India, is discontinuing its Paytm Payments Bank Ltd (PPBL) services as of today. Last month, the RBI had instructed PPBL merchants and customers to move their accounts to other banks by March 15.
The RBI had stated that PPBL customers would be able to withdraw or use any available balance from their accounts, including savings bank accounts, current accounts, prepaid cards, national common mobility cards, FASTags, and prepaid instruments, without any limitations - even after March 15.
The Paytm app will continue to function, even after March 15. You can continue to use your services even if you don't have a Paytm Payments Bank account. As long as the Paytm app is connected to another bank, you can utilise UPI services through it.
The National Payments Corporation of India (NPCI) has also granted permission to One97 Communications, the parent company of Paytm, to carry on providing UPI services as a Third-Party Application Provider (TPAP). Paytm will collaborate with banks including SBI, Yes Bank, Axis Bank, HDFC Bank, and others to manage payment services for Paytm users under this new arrangement.
Additionally, the Indian Highways Management Company (IHMCL), a division of the National Highway Authority of India (NHAI), forbade PPBL from issuing new FASTags.
According to NHAI, customers can obtain FASTags from the 32 banks that are currently listed as authorized FASTag issuers.
