The Reserve Bank of India (RBI) declared on Wednesday that starting from February 29, 2024, Paytm Payments Bank Limited (PPBL) will face restrictions.
This means that Paytm Payments Bank Limited won’t be able to add new customers, accept deposits, or receive top-ups for customer accounts, wallets, and FASTags after this date.
Despite the restrictions, the RBI mentioned on its website that certain Paytm services will still be available.
Customers can transfer the remaining balance in their wallet to their savings account.
Let’s discuss the complete news and also suggest alternative platforms for making payments.
Information from RBI
As per the RBI website, Paytm customers can withdraw or use the remaining balance in savings accounts, current accounts, prepaid instruments, Fastag, and National Common Mobility Card without any restrictions.
The RBI notification also states that the deadline for completing transactions, including those initiated on or before February 29, will be extended until March 15. After this date, no transactions will be allowed.
Alternative Payment Apps
Paytm was a popular choice for online payments in India, with millions using it daily.
With the restrictions on Paytm Payments Bank, users will need to explore other payment apps and platforms.
Here is a list of some main payment platforms that can be used for online payments starting from February 29:
PhonePe
Google Pay
AmazonPay
WhatsApp Pay
Mobikwik
FreeCharge
Airtel Money
Jio Money
