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Why RBI Ban Paytm Payments Bank | Paytm Latest News

One of the most talked about news on social media and websites for the last week is about PAYTM. Reserve Bank of India has banned the use of PAYTM applications. Not only that, we can also find out whether the online transaction technology called Fastag will be affected by this. What prompted this ban and will PAYTM holders be affected? If there are any other ways, let’s get to know everything clearly in this blog post. Let’s know who will be affected by this ban, what are the confusion and what can be done to fix it.

Reserve Bank of India issued a warning to PAYTM on March 11, 2022. The warning warned that you should not add any new clients and that none of your auditing data is correct, so you should use the correct guidelines. RBI banned the use of PAYTM on January 31, 2024, as PAYTM has not given any change to the company even after this warning. PAYTM has given time till February 29, 2024, to correct their mistakes.

Initially, when PAYTM was launched it was only used for money transfers in online stores. The main reason for the growth of this PAYTM company is because of the devaluation of currency in India in 2016. After that, in 2021 PAYTM company started investing in the stock market. They invested in the stock market but could not get the expected profit. After that PAYTM laid off more than a thousand employees working for the company. Due to these layoffs, the value of the PAYTM company was decreasing. After that RBI had advised PAYTM company not to add any new customers and not to use Wallet app in 2022. RBI has banned the use of PAYTM on January 29 without hearing any such advice.

The money in your wallet will not be affected in any way by this ban and you can use it for your application as usual. But RBI has announced that only Fastag transfer mode cannot be used after February 29, 2024. So link your Fastag account with another bank account. If you have taken a loan using Paytm, it will not affect you in any way, you can pay the interest amount as usual. If you are using the QR CODE method for your business use then there is no problem but accounts linked by the QR CODE method should not be PAYTM. So you unlink the PAYTM account and link another bank account. If you like the information mentioned here then share it with your friends and relatives and subscribe to our website to know more about such information.

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