If you use Paytm Wallet, recent developments may impact you. The Reserve Bank of India (RBI) has mandated Paytm Payments Bank (PPBL) to enforce stricter KYC
(Know Your Customer) guidelines. Consequently, PPBL has announced plans to close some Paytm wallets.
Closure Details and Timeline
According to PPBL, wallets with zero balance and no transactions for over a year will be shut down on July 20, 2024. Users affected by this decision will receive a notice 30 days prior to the closure.
Steps for Wallet Closure
Paytm Payments Bank has outlined a clear process for closing inactive wallets. Customers will receive a notice 30 days in advance before their wallet is shut down.
This notice will specify that wallets inactive for more than a year and with zero balance will be closed by July 20, 2024.
Ensuring Account Safety
Following RBI’s restrictions in March, PPBL clarified that existing balances are safe and accessible.
Customers are advised to either activate or close their inactive accounts before the deadline to avoid automatic closure.
By adhering to these guidelines, Paytm ensures the security of deposited funds without disruption.
Paytm Payments Bank advises customers to either activate their inactive accounts or close them before the specified deadline to avoid automatic closure.
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