RBI action against Paytm: Answers to 5 most asked questions

RBI has ordered Paytm subsidiary Payments Bank to stop accepting new deposits in its accounts and popular wallets from March. Here is what you need to know.

Paytm wallet will stop working after 29th February. You are advised to use the money deposited in the wallet before that date or transfer it to another bank account. After February 29, wallet funds can be used only to pay electricity and telephone bills.

What will happen to Paytm wallet? From

Paytm Payments Bank will also stop functioning after February 29. Users will not be able to deposit money into the account after that date; However, they can withdraw it at any time.

What will happen to Paytm Payments Bank account?

Yes and no. If you have linked your Paytm UPI to Paytm Payments Bank then it will not work after February 29. It will work easily when linked to any other bank account.

Will Paytm UPI work after February 29?

Customers will be able to utilize the available balance in these prepaid devices even after February 29. But no new top-up will be allowed after that date.

What about the status of prepaid device, FASTag, NCMC transit card?

Customers will still be able to receive cashback, interest and refund in their wallet and Paytm Payment Bank account 29 February.

What about cashback, interest and refund?