![Post RBI Clampdown, Paytm is sharing important updates for its users Post RBI Clampdown, Paytm is sharing important updates for its users](https://c.ndtvimg.com/2024-02/k037pbec_paytm-upi-generic_625x300_01_February_24.jpg)
The corporate has supplied clarification on investments with Paytm Cash
A day after the Reserve Financial institution of India (RBI) ordered Paytm Funds Financial institution (PPBL) to close down its broadly used cellular pockets and different associated actions, the corporate responded to person queries by posting FAQs to reply.
The funds firm turned to X, previously Twitter, to deal with customers’ considerations through an FAQ. In a number of posts on
The corporate has supplied an evidence about FASTag. Paytm mentioned the RBI order won’t have an effect on customers’ deposits of their financial savings accounts, wallets, FASTags and NCMC accounts, they usually can proceed to make use of present balances.
“You possibly can proceed to make use of the prevailing steadiness in your Paytm FASTag. We have now began our collaboration with different banks during the last two years, which we are going to now speed up. We’re engaged on efficient options to make sure seamless buyer expertise and can achieve this proceed you posted,” the corporate mentioned on X.
You possibly can proceed to make use of the prevailing balances in your Paytm FASTag. We have now began our collaboration with different banks over the previous two years, which we are going to now speed up pic.twitter.com/clsDLVUD1N
— Paytm (@Paytm) February 1, 2024
The corporate additionally clarified whether or not the money register machine/sound field will work. Paytm wrote, “Your Paytm POS and Soundbox providers will stay unaffected and we are going to proceed to onboard new offline retailers.”
Your Paytm POS and Soundbox providers will stay unaffected and we are going to proceed to onboard new offline retailers. pic.twitter.com/SbrNfQIGto
— Paytm (@Paytm) February 1, 2024
The corporate has supplied clarification on investments with Paytm Cash. It mentioned, “Your investments with @PaytmMoney are secure. The current tips relating to our affiliated financial institution won’t impression the operations of Paytm Cash.”
In one other publish, the corporate clarified that the Paytm NCMC card will proceed to work. “You possibly can proceed to make use of the prevailing balances in your NCMC playing cards. We have now began our collaboration with different banks over the previous two years, which we are going to now speed up.”
The RBI order said that any curiosity, cashbacks or refunds will be refunded to Paytm clients at any time.
“No banking providers apart from these… reminiscent of cash switch (whatever the title and nature of providers reminiscent of AEPS, IMPS, and so forth.), BBPOU and UPI facility needs to be supplied after February 29, 2024,” the central financial institution mentioned. had mentioned.
Reacting to the RBI’s transfer, Paytm mentioned late on Wednesday that father or mother firm One97 Communication Restricted (OCL) is working with a number of banks.
In the meantime, Founder and CEO Vijay Shekhar Sharma mentioned, “This is a crucial second for all of us, we have now seen the replace from RBI. The essential factor is that we have now acquired instructions and are taking speedy steps to conform.”
“This is a crucial second for all of us, we have now seen the replace from RBI. The essential factor is that we have now acquired instructions and we’re taking speedy steps to conform,” says our Founder and CEO @vijayshekhar
— Paytm (@Paytm) February 1, 2024
He added: “OCL and PPSL are already within the strategy of transferring nodal accounts to different banks, and the advertising of enterprise providers shouldn’t be affected by these instructions.”
“On behalf of Paytm, that is extra of a pace bump however we imagine within the banks’ partnership and we will obtain the identical within the coming days,” Sharma mentioned.