Good news for Paytm UPI users. RBI took a big decision.
Good news for Paytm UPI users. Big decision taken by RBI: Reserve Bank of India has taken a very big decision for paytm UPI users. Paytm UPI was scheduled to be discontinued on 29 February 2024 as per the guidelines announced by RBI. After February 29, all transactions of Paytm users will be stopped and all Paytm UPI services will be stopped. As per RBI announced guidelines, about two and a half crore customers using paytm UPI were given time till February 29 to transfer their IDs. But so far it is not possible to transfer by many users so a big decision has been taken by RBI and this time limit has been extended.
Good news for paytm UPI users Reserve Bank of India has asked to take necessary steps to continue UPS service of Paytm. While releasing the advisory to the NPCI, the central bank said that to continue the service through the paytm app, the NPCI should facilitate the certification of four to five banks as payment survey providers capable of handling volume UPI transactions.
Services extended to 15 days.
- Reserve Bank of India orders will help customers transfer UPI accounts.
- To keep the UPI account active, it is necessary to link it with a bank account.
- Currently there are many customers like paytm using UPI through payment bank.
- Paytm Payments Bank will not be able to provide services after March 15.
- If a paytm payment bank customer does not link his UPI account with another bank before the 15th date, he will not be able to continue the transaction further.
Users will be given four to five options from other banks.
Reserve Bank of India has asked NCPI to help Paytm so that Paytm UPI services can continue to function. UPI transactions are done across the country under the leadership of NCPI. rbi has said that NCPA should help paytm users to have an option of four to five banks. So that they can easily link their UPI account with the new bank and continue their UPI service after 15th March.
Paytm Payment Bank will be able to continue its services till March 15.
The Reserve Bank of India had earlier announced banning the services of Paytm Payment Bank after February 29. Later another 15 days was given to continue the services. Earlier, the Reserve Bank of India had ordered Paytm Payments Bank to stop taking new deposits and credit transactions after February 29. Now Paytm Payment Bank has been given time till 15th March 2024.
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Till what date will paytm payment bank continue its services?
Till 15 March 2024.