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What will happen to your Paytm account after RBI action? What will happen to Balance and Fasteg? Know the answer to every question

Strict action has been taken against RBI. Paytm Payments Bank has been asked not to accept deposits or top-ups in any account, prepaid instruments, wallets and FASTag after February 29, 2024. What does RBI's order mean for you? Know how it will affect you?
3 Month ago

There is no good news for the customers of Paytm, the country's largest fintech company. RBI has banned virtually all services of Paytm Payments Bank since March. Only transfers and withdrawals will be allowed but you will not be able to top up your wallet or fastag from February 29. Also you will not be able to deposit money into your account. Here we tell you how RBI action against Paytm will affect users…

Can UPI payments be made through Paytm?

RBI's move may cause problems for users who have linked their Paytm Payments bank accounts with UPI. Money can be transferred to Paytm Payment Bank account till February 29. After this it can be used until it runs out. But if your UPI address is linked to any other bank account like SBI or ICICI, RBI's action will not affect you.

Will Shoppers Accept Payments Through Paytm?

Shoppers who receive money in their Paytm Payments bank account will not be able to receive payments. This is because free credit is not allowed in their account. But many companies have QR stickers from other companies through which they can accept digital payments.

What happens to your wallet balance?

The best option for you is to transfer your wallet balance to your bank account. You can pay your electricity or telephone bill with the money lying there.

What will happen to the smaller sub-wallets?

RBI has barred Paytm from accepting funds in any paid instrument. It also includes National Commercial Mobility Cards which are used in metro, food and fuel wallets. Existing balances can be used but new funds cannot be added after February 29.

If you have Fastag of Paytm?

Paytm Fastag users will have to purchase a new tag from another issuer and deactivate the one they are currently using.

What will happen to the loan taken by Paytm?

Paytm borrowers will have to continue making regular repayments as the loan is not from Paytm but from a third-party lender. If the borrower does not make timely payments, his credit score may be affected. What will happen to stocks, mutual fund services?

These services are regulated by SEBI and do not come under the purview of RBI mandates. It is not yet clear whether SEBI will review this or not.

What will happen to Paytm payment gateway? Some major government platforms have multiple payment gateways. Small organizations will have to make changes.

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