Paytm Payments Bank users will not be able to accept new deposits from March 15

Although many users may have already quit their Paytm Payments Bank savings accounts and financial transations after the the RBI restrictions, those who are still doing transactions in Paytm Payments Bank should be advised that from March 15th, 2024. They will no longer be able to make deposits.

The Reserve Bank of India directed Paytm to discontinue additional services such as Fastag and wallet deposits by February 29, 2024, which was later extended to March 15, 2024. Even after March 15, 2024, there are no restrictions on withdrawing funds from your existing balance.

Recently, Paytm has also removed facilities like paytm postpaid from the accounts of many users, many users are being messaged by Paytm company on WhatsApp business account for personal loan. NBFCs are promising to provide facilities like personal loan without any collateral and loans up to Rs 5 lakh.

What is the matter of Paytm Payments Bank?

paytm company logo in mobile

#1 RBI First Press Release Action,

According to this press release, On March 11, 2022, the RBI issued its first notification addressing the new customers restriction on Paytm Payments Bank, press release according to Chief General Manager Yogesh Dayal. Paytm Payments Bank has been barred from operating under Section 35A of the Banking Regulation Act of 1949. Instructions have been issued to appoint an IT audit firm to undertake a full system audit of the IT system.

#2 RBI Second Press Release Action,

In its second press release on Feb 16, 2024 issued FAQs for Paytm Payments Bank customers.

Paytm Payments Bank FASTag After 15 March

RBI requested customers for FASTag to get new FASTags made from other NHAI authorised banks.

NHAI updates list of FASTag users

NHAI (National Highways Authority of India) has released the list of authorized banks for FASTag users in which a total of 39 banking institutions have been included. Recently, NHAI has also advised Paytm FASTag users to switch to FASTag of another bank before March 15, 2024.

How to Apply New Fastag Online

To make a new Fastag through any authorized bank like SBI, ICICI, HDFC and PNB, you have to go to the nearest bank branch or can apply online through net banking and mobile banking on mobile or website.

  • Visit the bank’s website or application.
  • Fill Fastag application form.
  • Fill the required information carefully in the application form like name, address, mobile number and email ID.
  • Upload the required documents like saree registration, driving license, Aadhaar and PAN card.
  • After verification, Fastag will be activated, after which you can recharge it and make payment on toll.

#3 RBI Third Press Release Action,

After data review in the audit, RBI found that there are persistent non-compliances by Paytm Payments Bank due to which RBI directed to close the new deposit facilities in Paytm Payments Bank on 29 February 2024. In the next press release, it was extended till March 15, 2024 keeping in mind the convenience of customers and keeping UPI transactions active through “@paytm”.

Important updates for Paytm Business customers

If you use Paytm Payments Bank with your Paytm Business account, Paytm has sent you a notification stating that you must add any other banks and deactivate Paytm Payments Bank. Go to your Paytm Business mobile application and select “Add new bank account” to accomplish this.

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