Synopsis
The Reserve Bank of India under section 35A of the Banking Regulation Act, 1949, had directed Paytm Payments Bank Ltd (PPBL or the bank) to stop onboarding of new customers with immediate effect.
Many Paytm Money customers are understandably worried about their investments in the wake of the RBI's decision to suspend certain activities of Paytm Payments Bank owing to ongoing substantial supervisory concerns and continuous non-compliances, which require additional supervisory action
Can you use Paytm for UPI after RBI action?
To ease the customers’ worries, Paytm Money, in a mail to its investors, said that the Paytm Payments Bank Ltd (PPBL) does not have any impact on the operations of Paytm Money Ltd (PML) and has no impact on your investments with PML in Equity, Mutual Funds or NPS.
The Reserve Bank of India under section 35A of the Banking Regulation Act, 1949, had directed Paytm Payments Bank Ltd (PPBL or the bank) to stop onboarding of new customers with immediate effect
Paytm Money has highlighted the below points for their investors
1. PML is regulated by SEBI and is fully compliant to all regulations and policies
Artificial Intelligence(AI)
Java Programming with ChatGPT: Learn using Generative AI
By - Metla Sudha Sekhar, Developer and Lead Instructor
Artificial Intelligence(AI)
Basics of Generative AI : Unveiling Tomorrow's Innovations
By - Metla Sudha Sekhar, Developer and Lead Instructor
Artificial Intelligence(AI)
Generative AI for Dynamic Java Web Applications with ChatGPT
By - Metla Sudha Sekhar, Developer and Lead Instructor
Artificial Intelligence(AI)
Mastering C++ Fundamentals with Generative AI: A Hands-On
By - Metla Sudha Sekhar, Developer and Lead Instructor
Artificial Intelligence(AI)
Master in Python Language Quickly Using the ChatGPT Open AI
By - Metla Sudha Sekhar, Developer and Lead Instructor
Office Productivity
Zero to Hero in Microsoft Excel: Complete Excel guide 2024
By - Metla Sudha Sekhar, Developer and Lead Instructor
Astrology
Vastu Shastra Course
By - Sachenkumar Rai, Vastu Shashtri
Data Science
SQL for Data Science along with Data Analytics and Data Visualization
By - Metla Sudha Sekhar, Developer and Lead Instructor
Web Development
A Comprehensive ASP.NET Core MVC 6 Project Guide for 2024
By - Metla Sudha Sekhar, Developer and Lead Instructor
Office Productivity
Mastering Microsoft Office: Word, Excel, PowerPoint, and 365
By - Metla Sudha Sekhar, Developer and Lead Instructor
Marketing
Digital marketing - Wordpress Website Development
By - Shraddha Somani, Digital Marketing Trainer, Consultant, Strategiest and Subject Matter expert
Web Development
Mastering Full Stack Development: From Frontend to Backend Excellence
By - Metla Sudha Sekhar, Developer and Lead Instructor
Finance
Financial Literacy - TDS, Budget, Income Tax Act, GST, Indirect tax
By - CA Rahul Gupta, CA with 10+ years of domain experience, trainer
Leadership
Business Storytelling Masterclass
By - Ameen Haque, Founder of Storywallahs
Future of Marketing & Branding Masterclass
By - Dr. David Aaker, Professor at Haas School of Business
HR & People Management
Human Potential and the Future of Employment
By - Lynda Gratton, Co-chair of the World Economic Forum Council on Work, Wages and Job Creation, Professor of Management Practice
Strategy
ESG and Business Sustainability Strategy
By - Vipul Arora, Partner, ESG & Climate Solutions at Sattva Consulting Author I Speaker I Thought Leader
Finance
Financial Reporting and Analytics
By - Dr. C.P. Gupta, Professor: Department of Finance and Business Economics, University of Delhi
Marketing
Performance Marketing for eCommerce Brands
By - Zafer Mukeri, Founder- Inara Marketers
2. Your equity, bonds, ETFs are all secured in your CDSL Demat Account and consequently are always safe and transactions as you are aware can only be done with your authorisation
3. Your Mutual Fund/SIP investments are with respective AMCs and are also safe. You can continue to invest/redeem as usual
4. Funds that are transferred to PML’s trading account are up-streamed (transferred) to Indian Clearing Corporation Ltd (ICCL) of BSE as per SEBI regulations, and thus are also safe.
For investors whose default is Paytm Payments Bank
According to the Paytm Money mail, “For investors who have set PPBL as their default account, you will need to change it before 29th February 2024 with a simple addition of an alternate bank. We shall communicate the specific process for the same separately and help you get this done. We appreciate your continued trust and support. If you have any questions, please do not hesitate to contact us at [email protected].”
Paytm founder Vijay Shekhar Sharma took to X and stated: "To every Paytmer," Sharma wrote, addressing the platform's user base directly. "Your favourite app is working, will keep working beyond 29th February as usual."
Here are some of the Myths and facts, that Paytm has tweeted from it social media handle on X.
Gold Investments
Your Paytm Gold Investments are completely safe and protected with MMTC-PAMP. This has no relation to the recent directives from RBI on Paytm Payments Bank.
Mutual Fund and Equity investments
Your investments with PaytmMoney are safe. The recent directives on our associate bank do not affect Paytm Money’s operations.
( Originally published on Feb 02, 2024 )
Read More News on
Paytm MoneyPaytm Money investmentsPaytm Payments Bank LtdPaytmPaytm investments
(Catch all the Personal Finance News, Breaking News, Budget 2024 Events and Latest News Updates on The Economic Times.)
Subscribe to The Economic Times Prime and read the ET ePaper online.
...moreless
Read More News on
Paytm MoneyPaytm Money investmentsPaytm Payments Bank LtdPaytmPaytm investments
(Catch all the Personal Finance News, Breaking News, Budget 2024 Events and Latest News Updates on The Economic Times.)
Subscribe to The Economic Times Prime and read the ET ePaper online.
...moreless