While the company has published a dedicated FAQ page to explain what will work and not on Paytm after March 15, it hasn't clarified whether Wallet will continue to work even if you haven't linked with Paytm Payments Bank.Here is everything we know so far.
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Paytm Payments Bank will be banned or seized next month as the deadline for this just recently got extended. However, some people are still confused about whether Paytm will stop working or whether some of its services will continue to operate. While the company has published a dedicated FAQ page to explain what will work on Paytm after March 15, it hasn't clarified whether Wallet will continue to work even if you haven't linked with Paytm Payments Bank.
The company has just asserted that if your Paytm account is linked with Paytm Payments Bank, then you can continue to use, withdraw or transfer to another wallet or bank account until the balance is available in the wallet. However, you will not be able to make any deposits in the same after March 15, 2024. Also, all refunds and cashback can still be credited to your wallet.
It has been confirmed that users will be able to utilize the Paytm app for bill payments and recharges without interruption. The recent ban on Paytm Payments Bank will not impact individuals who have linked their Paytm accounts to authorized banks such as ICICI, HDFC, and others. Users can carry out their usual transactions, including recharges and bill payments through Paytm. It's important to note that the Reserve Bank of India's ban solely affects users who have opened accounts specifically with Paytm Payments Bank.
The ban also won't impact your Paytm QR, Soundbox, and Card Machine, according to the company. It will continue to work even after March 15. Currently, you can utilize the FASTag/NCMC Card issued by Paytm Payments Bank. However, effective March 15, 2024, you won't have the option to recharge or add funds to it. If you still have a balance remaining, you can either utilize it or opt to close your FASTag/NCMC Card issued by Paytm Payments Bank and request a refund from the bank.
The company has provided clarification on its website regarding the recent directive issued by the Reserve Bank of India (RBI) concerning Paytm Payments Bank Account/Wallet. According to the directive, after March 15, 2024, Paytm Payments Bank Account/Wallet will not accept new deposits or allow credit transactions. However, it's important to note that there are no restrictions on withdrawing money from your existing balance even after the specified date. The directive does not affect the balances currently held in your account or wallet, and the company reassures customers that their money remains safe with the bank.
Published By:
Ankita Garg
Published On:
Feb 23, 2024
FAQs
Yes, you can continue to use, withdraw or transfer to another wallet or bank account until balance is available in the wallet. Please note you will not be able to make any deposits in same after March 15, 2024, however all refunds and cashback can still be credited to your wallet.
Will Paytm wallet work after 15th March? ›
As per the details shared on the official Paytm website, you can continue to withdraw or transfer Paytm Payments Bank money to another wallet or bank account until the balance is available in the wallet. However, you will not be able to make any deposits in the same after March 15, 2024.
Is Paytm wallet going to stop working? ›
According to the directive, after March 15, 2024, Paytm Payments Bank Account/Wallet will not accept new deposits or allow credit transactions. However, it's important to note that there are no restrictions on withdrawing money from your existing balance even after the specified date.
What are the new rules for Paytm wallet? ›
Paytm wallet closures
On July 20, 2024, Paytm Payments Bank will close wallets with NIL balances and no transactions for over a year. According to the bank's website, "Please note that all wallets which do not have any transactions for the last 1 year or more and have nil balance, shall be closed w.e.f. July 20, 2024.
Is Paytm wallet also banned? ›
Yes, Paytm is legal in India. Due to ongoing non-compliance and material supervisory concerns, RBI has imposed some restrictions on one of its subsidiaries, Paytm Payment Bank.
Can I recharge my Paytm wallet after 15 March? ›
No. After March 15, 2024, you will not be able to deposit money into your account with Paytm Payments Bank. No credits or deposits other than interest, cashbacks, sweep-in from partner banks or refunds are allowed to be credited.
What is the validity of Paytm wallet? ›
As per RBI guidelines, your minimum KYC will expire in 24 months unless you complete full KYC with in-person verification. After expiry, you will not be able to add money to your wallet or transfer the balance amount to your bank account.
Will Paytm wallet work after 29 Feb? ›
After February 29, Paytm wallet balances can still be topped up and transferred. However, this can no longer be done through Paytm Payments Bank. Users are still able to add funds and use their existing balances for bill payments.
Why my Paytm wallet is currently unavailable? ›
First search the reason why your paytm wallet is unable if you have done something wrong then it may hide for some reason. Do this update your mobile software and do rest the app setting. If this 3 step can't help you then chat with paytm customer service…
Will Paytm continue to work? ›
Will Paytm QR Code, Paytm Soundbox and Paytm Card Machine continue to work? Yes. Paytm QR, Soundbox, and Card Machine will continue to work as there is no relation of this with Paytm Payments Bank.
The Reserve Bank of India (RBI) has issued a directive restricting Paytm Payments Bank Account/Wallet from accepting new deposits or allowing credit transactions. There is no restriction on the withdrawal of money from your existing balance.
Will Paytm survive? ›
One thing remains certain: Paytm's future is at a crossroads. The company must tread carefully, balancing the need for restructuring with the well-being of its workforce. The decisions made in the coming days will not only determine Paytm's financial health but also shape its reputation as a responsible employer.
How to add money to Paytm wallet 2024? ›
How to Add Money to Paytm Wallet From Debit Card?
- Open the Paytm app.
- Go to 'Paytm Wallet' and enter the required amount.
- Click the 'Proceed' button.
- Next, select the 'Debit card' payment option.
- Add your required debit card information, such as the card number, expiry date, and CVV to add money to your Paytm wallet.
Can I continue to use money from this wallet after March 15, 2024? Yes. You can continue to use, withdraw or transfer to another wallet or bank account upto the balance available in the wallet. Minimum KYC wallets1 can, however, be used only for merchant payments.
Is Paytm wallet getting closed? ›
Paytm Payments Bank has announced that inactive wallets with NIL balances without transactions in the previous year or longer will be closed on July 20th, 2024.
What is the problem with Paytm wallet? ›
The central bank later directed Paytm to cease its mobile wallet business, citing persistent non-compliance and supervisory concerns. The RBI's technical audit revealed problematic money and data flows between Paytm Payments Bank and the broader Paytm ecosystem, leading to accounting and supervisory issues.
Why is Paytm wallet unavailable? ›
First search the reason why your paytm wallet is unable if you have done something wrong then it may hide for some reason. Do this update your mobile software and do rest the app setting. If this 3 step can't help you then chat with paytm customer service…
Why am i unable to use Paytm wallet money? ›
Both the sender and the receiver needs to complete their KYC (Know Your Customer). In case, any one of the parties have not completed their KYC, the transaction would not happen.
How to add money to Paytm wallet in 2024? ›
Bank Account
- Open the Paytm application.
- Navigate to the 'My Paytm' section and select 'Paytm Wallet'
- Enter the desired amount or choose 'Automatically Add Amount'.
- Select 'Add amount' from the drop-down menu.
- Select your linked bank account, enter the PIN, and add money to the Paytm wallet.
