These Paytm wallets will be closed on July 20, 2024 (2024)

FAQs

These Paytm wallets will be closed on July 20, 2024? ›

Paytm Payments Bank announced that inactive wallets with zero balances without transactions in the previous year will be closed. As per Paytm Payments Bank website, “Please note that all wallets which do not have any transactions for the last 1 year or more and have nil balance, shall be closed w.e.f. July 20th, 2024.

Paytm Payments Bank has announced that inactive wallets with NIL balances without transactions in the previous year or longer will be closed on July 20th, 2024.

To activate the wallet, you'll need to enter your PAN, driving license, or Aadhaar card number. This is part of the KYC (Know Your Customer) process that Paytm uses to verify its users. Once you've entered your details, your wallet will be activated and ready to use.

No, in accordance with the RBI directive, Paytm Payments Bank is prohibited from providing any banking services to customers after February 29, 2024.

First search the reason why your paytm wallet is unable if you have done something wrong then it may hide for some reason. Do this update your mobile software and do rest the app setting. If this 3 step can't help you then chat with paytm customer service…

Please note that all wallets which do not have any transactions for the last 1 year or more and have nil balance, shall be closed w.e.f. July 20th, 2024. Communication will be sent to all impacted users and users will be given 30 days' notice period, before closing their wallet.

Users have to head to the Paytm Balance window via the services tab. The Paytm Wallet Balance will appear at the top of the window. Individuals will also be able to transfer money from their wallet to a bank account.

The third-party application provider license will allow customers to continue using the Paytm app for payments through India's popular unified payment interface (UPI), even as its banking arm, Paytm Payments Bank, ceases operations by March 15, following regulatory action due to issues of non-compliance.

Paytm Payments Bank was recently banned in India by the government on the pretext of non-compliance with regulations and supervisory issues. But, this doesn't mean that Paytm will also stop working. It will continue to function as it used to work, and features related to Paytm Payments Bank are not available.

Here is a look at the FAQs Paytm Payments Bank has released answering questions about the usage of services after March 15, 2024. Can I continue to use Paytm Payments Bank Wallet? Yes, you can continue to use, withdraw or transfer to another wallet or bank account until balance is available in the wallet.

Is Paytm wallet banned? ›

Frequently Asked Questions. Is Paytm legal in India? Yes, Paytm is legal in India. Due to ongoing non-compliance and material supervisory concerns, RBI has imposed some restrictions on one of its subsidiaries, Paytm Payment Bank.

The central bank later directed Paytm to cease its mobile wallet business, citing persistent non-compliance and supervisory concerns. The RBI's technical audit revealed problematic money and data flows between Paytm Payments Bank and the broader Paytm ecosystem, leading to accounting and supervisory issues.

Why is my account locked? For your safety and security, Paytm may temporarily block your account upon noticing any suspicious transactions or activity, or if your transactions are not as per the Terms and Conditions listed on our website.

RBI banned Paytm Payments Bank from new customers and deposits. Deadlines extended to clarify usage of wallets, Fastags and accounts. Limitations on bank services post-March 15, 2024, with certain exceptions. Users can utilize available balances, but restrictions apply on credit and deposit services.

There seems to be some confusion. It's their Payments Bank facing restrictions, not user accounts. The Reserve Bank of India (RBI), found some issues with how Paytm Payments Bank handled things and said they can't take new deposits or offer credit services anymore.

For your safety and security, Paytm may temporarily block your account upon noticing any suspicious transactions or activity, or if your transactions are not as per the Terms and Conditions listed on our website. If your account has been locked, please contact us at [email protected] for resolution.