Paytm Payments Bank shuts down from today these service will not work

Paytm: Attention Paytm users! Many services of the company’s main service ‘Paytm Payments Bank Limited’ (PPBL) are being discontinued from today. Last month itself, the Reserve Bank of India (RBI) had asked Paytm Payments Bank to stop all its services. Now Payments Bank customers will not be able to deposit money in their accounts. However, the facility to withdraw and transfer money will continue to be available. After today, salary credit, direct benefit transfer or subsidy will not be available in the Payments Bank account, but the facility of refund, cashback and sweep-in from partner banks will continue.

These services will stop from today

• Paytm Payments Bank customers can no longer deposit money into their accounts, but can withdraw or transfer money.
• There will be no salary credit in Paytm Payments Bank accounts from now on. Subsidy will also not come.
• Paytm Payments Bank users will no longer be able to top up their wallet. Funds will not be transferred from Paytm wallet. However, the money in the wallet can be used to pay bills.
• FASTag issued by Paytm Bank cannot be recharged.
• NCMC card cannot be recharged from Paytm Payments Bank.
• Now users will not be able to transfer funds to their Paytm Payments Bank accounts through UPI or IMPS.

Paytm App will continue to work

Paytm app will continue to work as before. If you do not have a Paytm Payments Bank account, then you will not face any hindrance in using Paytm. UPI services will continue to be used on Paytm app.

Why is Paytm Payments Bank closing?

A report said that thousands of accounts were opened in Paytm Payments Bank without proper identification, raising the possibility of illegal activities like money laundering. According to sources, this information was also shared with officials including the ED and the Prime Minister’s Office.