RBI Ban on Paytm: What You Need to Know

Image Credit: NDTV Profit Feb 10, 2024 By: Bhumi Shrivastava

New User Ban

[{"selector":"#anim-b1efd933-56fb-43e7-a6f7-d0d8e5d65240","keyframes":{"opacity":[0,1]},"delay":400,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-6542563b-480e-45a4-97f6-041bf8f57430","keyframes":{"transform":["translate3d(0px, 1047.71213%, 0)","translate3d(0px, 0px, 0)"]},"delay":400,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-28dfbcfc-7cd5-4761-a684-4acfa6986d2f","keyframes":{"opacity":[0,1]},"delay":500,"duration":1300,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-748a3cc5-b6f3-4ba5-aecc-e5ea7ee8dc27","keyframes":{"transform":["translate3d(0px, 776.15227%, 0)","translate3d(0px, 0px, 0)"]},"delay":500,"duration":1300,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-0bfb7ef1-5dc8-4e5f-a540-e79c636ca876","keyframes":{"opacity":[0,1]},"delay":300,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e5f14ec8-f12e-46ea-b4d4-0944698c83b1","keyframes":{"transform":["translate3d(0px, 317.58463%, 0)","translate3d(0px, 0px, 0)"]},"delay":300,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a3f0f621-4ea6-46e9-a226-86867999a9a7","keyframes":{"opacity":[0,1]},"delay":500,"duration":1300,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ede4cce7-ce01-4626-8f4b-c1ca2c1bec74","keyframes":{"transform":["translate3d(0px, 2447.46845%, 0)","translate3d(0px, 0px, 0)"]},"delay":500,"duration":1300,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Paytm Payments Bank won't accept new users from February 29, impacting account creation. Image Credit: Analytics India Maazine

Service Restrictions

[{"selector":"#anim-b8deb2e4-3db5-41c4-92da-0c1698ad7fdb","keyframes":{"opacity":[0,1]},"delay":300,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e549d506-bbd5-404f-af6c-e98021daf7d7","keyframes":{"transform":["translate3d(0px, 278.57714%, 0)","translate3d(0px, 0px, 0)"]},"delay":300,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-99b7c86f-bcbf-4824-90ea-5ee9cd363fa4","keyframes":{"opacity":[0,1]},"delay":500,"duration":1300,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-0869e008-1290-4fe8-85f6-5589923215da","keyframes":{"transform":["translate3d(0px, 568.70356%, 0)","translate3d(0px, 0px, 0)"]},"delay":500,"duration":1300,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-6601fecb-70af-44f7-8d7f-98caa1a073fc","keyframes":{"opacity":[0,1]},"delay":400,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-1bf4c88d-7fd7-4ecd-8129-12323b306c18","keyframes":{"transform":["translate3d(0px, 1112.41798%, 0)","translate3d(0px, 0px, 0)"]},"delay":400,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f4139bda-4b72-4338-84cd-f4f592131205","keyframes":{"opacity":[0,1]},"delay":500,"duration":1300,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e136da7c-9f7d-49c2-99af-71a1445fe01e","keyframes":{"transform":["translate3d(0px, 2511.10431%, 0)","translate3d(0px, 0px, 0)"]},"delay":500,"duration":1300,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Existing users can't use Paytm wallets, Fastags, or Mobility Cards after February 29 due to RBI's action. Image Credit: Dailyo

Core Services Halted

[{"selector":"#anim-24e5fb83-9a8a-4b0f-b925-80820b368448","keyframes":{"opacity":[0,1]},"delay":300,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-7c8615c8-26c9-4b1d-88be-10ae9cf3835e","keyframes":{"transform":["translate3d(0px, 272.22226%, 0)","translate3d(0px, 0px, 0)"]},"delay":300,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-dfade96e-5caf-4940-bd4f-5bb822910c01","keyframes":{"opacity":[0,1]},"delay":500,"duration":1300,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b62fca42-2216-477e-b6af-d739e57bea5d","keyframes":{"transform":["translate3d(0px, 545.37025%, 0)","translate3d(0px, 0px, 0)"]},"delay":500,"duration":1300,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-146e2ac3-5b30-4bd7-a4c3-cba04d2e48ea","keyframes":{"opacity":[0,1]},"delay":400,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-4b8898ab-52f3-4e54-a58f-c6b76eebde78","keyframes":{"transform":["translate3d(0px, 1059.47685%, 0)","translate3d(0px, 0px, 0)"]},"delay":400,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-bc835647-04fa-4a77-b601-ec659c13c2eb","keyframes":{"opacity":[0,1]},"delay":500,"duration":1300,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-7b25ee3c-1c08-4624-b10f-0d00a9a6f0dc","keyframes":{"transform":["translate3d(0px, 2320.19562%, 0)","translate3d(0px, 0px, 0)"]},"delay":500,"duration":1300,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] PPBL's core services like Paytm Wallet and UPI will cease from March 1, affecting millions of users . Image Credit: The Print

Transaction Freeze

[{"selector":"#anim-9cfaa8f4-5a6d-4265-bf4c-0d3bc430ac72","keyframes":{"opacity":[0,1]},"delay":300,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-7efefaba-8726-46ae-9bf2-4c95b7cd4fd7","keyframes":{"transform":["translate3d(0px, 255.77629%, 0)","translate3d(0px, 0px, 0)"]},"delay":300,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-411d2c9d-57ab-45b7-99c1-2740bc29da8f","keyframes":{"opacity":[0,1]},"delay":500,"duration":1300,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-12c2dcc7-ca95-4f61-b736-4643d3df2812","keyframes":{"transform":["translate3d(0px, 573.70359%, 0)","translate3d(0px, 0px, 0)"]},"delay":500,"duration":1300,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-6090be8f-aef8-4d0f-88c0-a591836b3e7c","keyframes":{"opacity":[0,1]},"delay":400,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-62ba9b74-0dc9-4e78-97d6-6c0ae7cd2b0d","keyframes":{"transform":["translate3d(0px, 1124.18270%, 0)","translate3d(0px, 0px, 0)"]},"delay":400,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-41cbe351-c60d-44cf-9553-f7b60d96f8ac","keyframes":{"opacity":[0,1]},"delay":500,"duration":1300,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-9818db6c-35d3-4fcc-ab19-a59ea6cfb4d2","keyframes":{"transform":["translate3d(0px, 2465.64997%, 0)","translate3d(0px, 0px, 0)"]},"delay":500,"duration":1300,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] RBI has frozen basic transaction services through Paytm, including UPI and IMPS, effective Febru ary 29. Image Credit: Forbes

No Banking Services

[{"selector":"#anim-6fb644fe-ae4e-4b64-933d-e21ceeeebbef","keyframes":{"opacity":[0,1]},"delay":300,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-3f0969ff-3238-4251-bef9-eeff9c626b29","keyframes":{"transform":["rotate(-360deg) translate3d(0px, 272.55388%, 0) rotate(360deg)","rotate(-360deg) translate3d(0px, 0px, 0) rotate(360deg)"]},"delay":300,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-bb929ff6-adca-4c8f-bd33-0ef9c1e8591b","keyframes":{"opacity":[0,1]},"delay":500,"duration":1300,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-4e9275ed-5afc-409c-9794-464f865ce831","keyframes":{"transform":["translate3d(0px, 547.03690%, 0)","translate3d(0px, 0px, 0)"]},"delay":500,"duration":1300,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-beb421f8-afd4-44d2-89cb-dee7ff414daa","keyframes":{"opacity":[0,1]},"delay":400,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ac8590b0-55c3-4687-96ab-af9ad68db947","keyframes":{"transform":["translate3d(0px, 1062.41798%, 0)","translate3d(0px, 0px, 0)"]},"delay":400,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-2bb8e9db-0f7d-497c-a4d6-4903d2a28db0","keyframes":{"opacity":[0,1]},"delay":500,"duration":1300,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-738bf912-1bc9-4166-adb9-7e1f400ebcf5","keyframes":{"transform":["translate3d(0px, 2292.92336%, 0)","translate3d(0px, 0px, 0)"]},"delay":500,"duration":1300,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] PPBL can't offer banking services like fund transfers, Aadhaar Enabled Payment System, and others after F ebruary 29. Image Credit: 91 Mobiles

Withdrawal Option

[{"selector":"#anim-b92ca6a9-3a17-4086-9768-b2001623bc99","keyframes":{"opacity":[0,1]},"delay":300,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-2730e9c8-00ab-4876-9be4-65d6ce2dfc10","keyframes":{"transform":["translate3d(0px, 273.15498%, 0)","translate3d(0px, 0px, 0)"]},"delay":300,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-8712cfed-567b-4d23-984e-22cddd644edf","keyframes":{"opacity":[0,1]},"delay":500,"duration":1300,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e46e5a62-2d85-43e0-86b8-accc3e61bc99","keyframes":{"transform":["translate3d(0px, 547.03690%, 0)","translate3d(0px, 0px, 0)"]},"delay":500,"duration":1300,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-86e4a108-851e-4c49-933e-97d2ad90886d","keyframes":{"opacity":[0,1]},"delay":400,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-2be4dd86-9d70-44a8-8a7c-c005c821442e","keyframes":{"transform":["translate3d(0px, 1068.30025%, 0)","translate3d(0px, 0px, 0)"]},"delay":400,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-cef6f0c8-cda9-4ef5-9f38-cd0f07cdfc01","keyframes":{"opacity":[0,1]},"delay":500,"duration":1300,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-5fed09fb-1fca-4698-b264-733e04511cf8","keyframes":{"transform":["translate3d(0px, 2347.46845%, 0)","translate3d(0px, 0px, 0)"]},"delay":500,"duration":1300,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Customers can freely withdraw funds without limitations, but no deposits or c redit transactions are allowed. Image Credit: BrandEquity

UPI Continues

[{"selector":"#anim-e9460440-429c-4600-bc9a-ff23dcaed9b4","keyframes":{"opacity":[0,1]},"delay":300,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-6ee6ba27-b05d-4e8a-83d2-4a30d33e5559","keyframes":{"transform":["translate3d(0px, 309.93115%, 0)","translate3d(0px, 0px, 0)"]},"delay":300,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e504642f-4a6d-4810-bbdf-2d8eb6ae7672","keyframes":{"opacity":[0,1]},"delay":500,"duration":1300,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-72784789-2336-4263-8039-82985119c57f","keyframes":{"transform":["translate3d(0px, 746.88392%, 0)","translate3d(0px, 0px, 0)"]},"delay":500,"duration":1300,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-169dc403-f5b6-4bd6-9cc6-9da4bd777545","keyframes":{"opacity":[0,1]},"delay":400,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-90e9bf0b-6ac6-49ac-b4d2-06b9ca7471fe","keyframes":{"transform":["translate3d(0px, 997.71213%, 0)","translate3d(0px, 0px, 0)"]},"delay":400,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-140d9fe5-fe1c-43e7-a8e4-bc18472c4c46","keyframes":{"opacity":[0,1]},"delay":500,"duration":1300,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-1fc48904-a4fa-4e31-95a4-62dc31914b37","keyframes":{"transform":["translate3d(0px, 2347.46845%, 0)","translate3d(0px, 0px, 0)"]},"delay":500,"duration":1300,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Users can still use Paytm for UPI transactions if their bank account is linked to an external bank. Image Credit: Inc42

Don't Panic

[{"selector":"#anim-7a0dfa8c-fa7d-4bb1-9f60-e68d9a2c1c21","keyframes":{"opacity":[0,1]},"delay":300,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-883abbf1-62b4-4fe7-a824-a0de84b2d585","keyframes":{"transform":["translate3d(0px, 270.96518%, 0)","translate3d(0px, 0px, 0)"]},"delay":300,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-110b8920-2b34-45ea-97b4-699d698005b2","keyframes":{"opacity":[0,1]},"delay":500,"duration":1300,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ed48095a-90be-473b-a75b-d799418a65cb","keyframes":{"transform":["translate3d(0px, 542.03697%, 0)","translate3d(0px, 0px, 0)"]},"delay":500,"duration":1300,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ebbc729b-a876-4525-9209-eabe6f12604a","keyframes":{"opacity":[0,1]},"delay":400,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-2d019105-0a8c-4585-966d-f1df73396ce9","keyframes":{"transform":["translate3d(0px, 1065.35911%, 0)","translate3d(0px, 0px, 0)"]},"delay":400,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f6e98b81-c67f-45e0-aa2e-cc7f6af25eba","keyframes":{"opacity":[0,1]},"delay":500,"duration":1300,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ddcf1839-ba7a-4bbb-9348-d29806e1b3cb","keyframes":{"transform":["translate3d(0px, 2365.65053%, 0)","translate3d(0px, 0px, 0)"]},"delay":500,"duration":1300,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] While there are restrictions, RBI protects depositor money, and users should stay updated with announcements an d clarifications. Image Credit: Mint

[{"selector":"#anim-42022f92-00dd-4663-abf6-c1bc083f2e2d","keyframes":{"opacity":[0,1]},"delay":500,"duration":1300,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-69e5d79d-3fab-43bb-b79f-158cc7a8a28e","keyframes":{"transform":["translate3d(0px, 390.63173%, 0)","translate3d(0px, 0px, 0)"]},"delay":500,"duration":1300,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Next: Buying Algorand Token? 8 Wallet Setup Tips See More