Paytm vs paytm bills deposit all you will have to know upcoming RBI Motion

The Reserve Bank of India (RBI) has taken action on Paytm Bills Deposit Limited. It has been barred from accepting any new deposit and doing credit transactions. Paytm Bills Deposit will not be able to provide banking services to its customers since 29 February. Ever since this news has come to light, many people are in confusion. He is considering Paytm Bills Deposit as the Paytm app. Both are different things. If you are considering Paytm Payments Bank as the Paytm app wallet present in your phone and are in a dilemma about the amount present in it, do not worry. Read this report.

Your paytm app is operating. Lots of the products and services introduced by means of paytm are in partnership with numerous banks (no longer simply our worker store).

We began our move of operating with alternative banks over the terminating two years, which we will be removed to not boost up pic.twitter.com/skyuudjss

– Paytm (@Paytm) February 1, 2024

What’s Paytm Bills Deposit?

Because it has a bank in its name, it is not the Paytm app present in your phone. However, services of Paytm Bills Deposit can be done in the app. 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 offers paytm bills deposit. However, in 2022 itself, RBI banned Paytm Payment Bank from adding new customers.

What’s Paytm App?

Paytm app is the same as ‘Phone Pay’ and ‘Google Pay’ apps. Paytm app can also be run 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 money in the Paytm wallet or by linking the UPI directly. RBI has not taken any action on this service of Paytm.

Paytm App and Paytm Bills Deposit is separate companies

Paytm Founder and CEO Vijay Shekhar Sharma said last year that Paytm Payments Bank Limited i.e. PPBL and Paytm app owned Forest 97 Communication Limited (OCL) are two separate companies.
PPBL is a group company of Paytm, with 49 per cent stake.