Paytm Payments Bank After today you will not be able to avail the benefits of this service on Paytm, know what will work
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Paytm Payments Bank Ltd was banned by the Reserve Bank of India in January. After this, the deadline given to Paytm Payments Bank Limited on March 15 is ending. After the expiry of this deadline, many services available through Paytm Payments Bank Limited will stop.
In this, customers will no longer be able to avail services like deposits, credit transactions and FASTag recharge. This decision of the Reserve Bank of India is going to affect the users also. After the decision of RBI, many rules regarding Paytm will be implemented from March 16, due to which customers may have to face problems.
UPI payment will not stop
Paytm has received permission from the National Payment Corporation of India to participate in UPI as a third party application provider. HDFC Bank, State Bank of India Bank and Yes Bank will work for One97 Communication Limited as payment service provider banks. Whereas getting third party app provider license approval means that now users will be able to make UPI payments. This service will not be stopped on Paytm.
Paytm got five handles
One97 Communications, parent company of financial technology platform Paytm, has got five handles in partnership with four banks to continue carrying UPI transactions. This information was given on National Payments Corporation of India (NPCI). The company’s existing handle @Paytm is one of the five handles that users can continue to use without any changes on their part. NPCI has approved @Paytm and a closed user group UPI handle @Ptypes for Paytm in partnership with Yes Bank.
NPCI has also approved @PTHDFC with HDFC Bank and @PTSBI with State Bank of India as partners. However, both these handles are not active at this time. A Paytm spokesperson said users can continue to use the @Paytm handle seamlessly without making any changes on their end. NPCI on March 14 approved a third party application (TPAP) provider permit for Paytm in collaboration with SBI, Axis Bank, Yes Bank and HDFC Bank to continue UPI transactions for the company’s users.
Paytm’s UPI transactions were earlier being routed through Paytm Payments Bank (PPBL), which has been barred by the Reserve Bank of India (RBI) from accepting deposits, credit transactions or top-ups to any customer account after March 15. . One97 Communications Limited (OCL) holds 49 per cent stake in PPBL, while the company’s founder and chief executive officer (CEO) Vijay Shekhar Sharma holds 51 per cent stake in the crisis-hit bank.
money will not be deposited
Users will no longer be able to deposit money in Paytm Bank. Salary credit, debit or subsidy will also be stopped in the users’ account. Money cannot be loaded or transferred to the wallet. The existing amount in the wallet can be used for transactions. Now the facility to recharge Fastag issued by Paytm Payments Bank Limited will also be stopped.
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