First of all, let us know that RBI says that Paytm Bills Storehouse will not be allowed to deposit in any customer’s account after 29 February. It states that no credit transaction including wallet will be allowed. Here it is being talked about Paytm Bills Storehouse, which is completely different from Paytm’s basic features.
What is Paytm Bills Storehouse?
Paytm Bills Storehouse is completely different from the original Paytm. Just as all banks of the country open bank accounts, similarly Paytm Payment Bank also provides zero balance account to its customers. It is all virtuous. Customers are also given a virtual debit card. After opening the account, money can be transferred to any account. Deposit can be extracted. Services like Internet banking, mobile banking, UPI transaction also offer paytm bills storehouse. However, in 2022 itself, RBI banned Paytm Payment Bank from adding new customers.
What is Paytm app?
As you too must have used the Paytm app. This app works similar to PhonePe or Google Pay. Its facilities, such as movie ticket booking, utility bill payments, recharge etc. can also be done without Paytm Payments Bank account. Only you have to register with your mobile number, which is linked to any of your bank accounts and there is transaction in it. After logging in, the Paytm app is run by loading the amount in the Paytm wallet or by linking the UPI directly.
Which service will affect after 29 February?
After February 29, deposits, credit transactions, top-ups or withdrawal will not be allowed in any customer account, prepaid card, wallet, fastag, National Common Mobility Card (NCMC) etc. However, customers may continue using their existing balance on Paytm Fastag, but will not be able to recharge it further.
Similarly, with Paytm Payments Bank Wallet, users can continue using wallets but they will not be able to add money to the wallet after 29 February. However, there is no restriction on the use of the existing balance from the wallet after 29 February.
Which service will not affect?
According to Paytm, the latest changes made by the RBI have been excluded by offers like Paytm QR (QR), Paytm Soundbox, Paytm Card Machine, which means that it will not affect merchant services.
Apart from this, all UPI service will also continue to work without any interruption from 29 February.
What will happen to Paytm Mutual Budget, Cash Accumulation Account?
According to Paytm, all investments made by users with Paytm Money are safe and RBI’s recent instructions on Paytm Payments Bank will not affect their investment in Paytm Money Limited (PML) operation or equity, mutual funds or NPS. Paytm Money Limited is Sebi-regulated and fully complies.
