The Reserve Bank of India (RBI) has instructed Paytm Bank to halt the onboarding of new customers due to operational issues. As a result, they are currently unable to offer new credit cards or open new accounts.
If you already possess a Paytm Bank account or wallet, you can continue to use it without any interruptions. Services such as money transfers are operational and unaffected.
Unfortunately, you will not be able to open new fixed deposits with Paytm Bank after February 29, 2024. Existing fixed deposits are secured, but they must comply with the bank’s regulations.
No, your automatic payments, including mobile recharges and bill payments via Paytm, will continue without any issues.
Yes, you can still utilize Paytm’s QR code functionality for in-store payments, and this service remains unchanged.
You are able to transfer money from your Paytm Bank account, though some services may be restricted after February 29, 2024. The bank will provide guidance on alternative methods for these transactions.
Post-February 29, 2024, users will need to transition their automated payments, such as direct debits, to a different bank. Paytm will assist customers in making this transition ahead of the deadline.
The RBI's intervention aims to ensure that Paytm Bank adheres to necessary regulations. Until the bank resolves these operational issues, it will not be permitted to accept new customers. However, most services for existing customers will remain intact.
Q1. Can I still use my Paytm wallet for payments?
Answer: Yes, existing users can continue using their Paytm wallet for payments without any interruptions.
Q2. Will my fixed deposits remain safe with Paytm Bank?
Answer: Yes, your existing fixed deposits are secure, but they must comply with the bank’s regulations.
Q3. Are new customers allowed to register with Paytm Bank?
Answer: No, the RBI has prohibited Paytm Bank from onboarding new customers until further notice.
Q4. What happens to my automated payments after February 29, 2024?
Answer: You will need to switch your automated payments to another bank, and Paytm will assist you in this process.
Q5. Can I make QR code payments at stores?
Answer: Yes, you can still use QR code payments via Paytm without any changes to the service.
Question 1: What has the RBI instructed Paytm Bank to do?
A) Stop offering credit cards
B) Start onboarding new customers
C) Halt the addition of new customers
D) Increase interest rates
Correct Answer: C
Question 2: Can existing Paytm Bank customers use their accounts normally?
A) No, all services are suspended
B) Yes, all services remain operational
C) Only fixed deposits are operational
D) Payments are restricted
Correct Answer: B
Question 3: When can new fixed deposits be opened with Paytm Bank?
A) After February 29, 2024
B) Immediately
C) No new fixed deposits can be opened
D) Only for existing customers
Correct Answer: C
Question 4: Will automatic payments continue to function?
A) Yes, without any disruption
B) Only for limited services
C) No, they will be halted
D) Only for new customers
Correct Answer: A
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