Produced by: BT Desk Designed by: Manoj Kumar
Clearing the air around the operability of Paytm wallet, Paytm CEO Vijay Shekhar Sharma on Friday clarified Paytm's app will "keep working beyond 29 February as usual."
On January 31, the Reserve Bank of India imposed curbs on the business activities of Paytm Payments Bank asking it to stop all banking activities by the end of February.
After February 29, Paytm wallet balances can still be topped up and transferred. However, this can no longer be done through Paytm Payments Bank. Users are still able to add funds and use their existing balances for bill payments.
Users with Paytm FASTags need not worry as the Paytm FASTag, which is connected to the Paytm wallet, will continue to function. Wallet transactions will still be allowed even after February 29.
Paytm Payment Bank users won't be able to make any money transfers, bill payments, or UPI transactions through Paytm Bank after Feb. If your UPI address is linked to Paytm Payments Bank, transactions are restricted post-February 29. Users with UPI addresses linked to other banks can continue transactions beyond February 29 as usual.
The RBI’s directive does not mention stock trading and the Paytm Money app. As the services are regulated by SEBI, the impact of the RBI’s order on the sale and purchase of stocks and mutual funds via the Paytm Money app remains as is for now.
Loans obtained through Paytm do not carry any risk. These loans are provided by third-party lenders, and borrowers must continue to make their repayments.