News Post

Paytm Payments Bank to close from March 15. Here's all that you need to know

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Paytm Payments Bank (PPBL) will be shutting down services such as deposits, credit transactions, and FASTag recharges from March 15, following directives from the Reserve Bank of India (RBI). PPBL was found to be non-compliant with know-your-customer (KYC) requirements and other RBI procedures. Customers will no longer be able to deposit money, use UPI and IMPS functions, or recharge their FASTags through PPBL. However, they can continue to withdraw and transfer money, use existing funds in their wallets, and accept payments from Paytm QR codes or PoS terminals if linked to a different bank account. The National Highways Authority of India (NHAI) advised PPBL FASTag users to procure a new one from another bank. The BSE has also suggested investors register accounts with alternative banks instead of PPBL to avoid disruptions in securities market transactions.