RBI on Paytm App: Reserve Bank of India has given a big update regarding Paytm App. RBI has clearly stated whether Paytm app will be closed after 29th February or not.
RBI on Paytm App: Reserve Bank of India (RBI) has prohibited Paytm Payments Bank Limited from accepting deposits or top-ups in any customer account, prepaid instrument, wallet and Fastag etc. after February 29, 2024. Had stopped. Since then, the question is arising in the minds of Paytm users whether the Paytm app will stop working after 29th February. Now RBI has issued a big update on this.
RBI on Paytm App: RBI Deputy Governor made it clear, action is being taken against Paytm Payment Bank
After the monetary policy review meeting, RBI Deputy Governor Swaminathan J. “Just to make it clear, the action is against Paytm Payments Bank, not against the Paytm app. The app is not affected by our action,” he said in the press conference. The banks’ decision to partner with Paytm Payments Bank Limited (PPBL) is a business decision, indicating the banks’ autonomy in collaborating with PPBL.
RBI on Paytm App: Paytm spokesperson issued statement, app will remain fully operational
The Deputy Governor stressed that the recent actions are clearly directed towards Paytm Payments Bank and do not impact the functionality or operation of the Paytm app. This clarification from RBI is reassuring for the millions of users who depend on Paytm for digital payment services. At the same time, a Paytm spokesperson said, “We assure our users and merchant partners that the Paytm app will remain fully operational, and our services will remain unaffected.”
RBI on Paytm App: Card machine, QR code and soundbox will continue to work as usual.
Paytm spokesperson further said, ‘Paytm continues to be a leader in mobile payments innovation, and we are accelerating our partnerships with banks to provide seamless services. We assure our merchant partners that Paytm QR, Soundbox and card machines will continue to function as usual. Our dedication to providing seamless payment solutions and promoting financial inclusion across India is as strong as ever.
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