Shock for Paytm users, many services will be closed from March 1

Paytm Payments Bank: The Reserve Bank of India has taken a major action regarding Paytm Payment Bank. RBI has banned Paytm Payment Bank from taking deposits. After February 29, Paytm Payments Bank will not be able to provide banking facilities to its customers. The Reserve Bank has banned credit transactions. The Reserve Bank has said that this action has been taken due to non-compliance of the rules.

The Reserve Bank has decided to ban all facilities including credit transactions, top-up facility, wallet and FASTag on the company. Also, Paytm Payment Bank will not be able to add new customers.

Customers will be able to withdraw their money

RBI has informed that customers who have an account on Paytm Back can withdraw their money. The Reserve Bank has said that customers can withdraw their money from savings account, current account or any other account. Paytm Payment Bank has continuously ignored the rules, due to which it has taken this drastic step. The RBI has said that several supervisory deficiencies have been observed during the audit.

Which services will be closed?

The Reserve Bank has imposed restrictions on adding new customers. Apart from this, action has been taken by RBI for non-compliance of rules. RBI has said that there is a ban on new deposits and top-ups from March 1. Valet, Fastag, Mobility card top-up has been banned. Apart from this there is no restriction on withdrawal for other customers. Customers will be able to use money in their wallets, fastags, cards.