Paytm services stopped as soon as RBI ban came into effect, see at a glance what will be the impact on users?

Paytm Wallet and Paytm Fastag: The ban imposed by the Reserve Bank of India (RBI) on Paytm Payment Bank has come into effect from March 16. Due to this, now you will not be able to deposit money in Paytm Wallet or Paytm Fastag. In such a situation, you will have to take Fastag of some other bank or NBFC instead of Paytm. If you do not do this then you will have to pay double toll tax. If you still have money in your Paytm wallet, it can be used for toll payment.

Use toll free number to switch FASTag

You can cancel your Fastag by calling Paytm Fastag toll free number. The National Highways Authority of India (NHAI) recently issued an advisory that customers should use Fastag of any other bank or NBFC instead of Paytm Fastag. For this, NHAI also released a list of 39 banks and NBFCs.

No impact on UPI and Soundbox

According to RBI guidelines, if the customer wishes, he can make any payment with this money and can also transfer it to his bank account. However, this move by RBI will not have any impact on Paytm UPI. You can use UPI service without any worries. With this action of RBI, Paytm's soundbox will also be completely safe. Apart from this, ticket booking, recharge and bill payment services will not be affected.

What customers can and can't do now

People using Paytm Payments Bank will no longer be able to make any kind of deposit or top up. Salary credit, direct benefit transfer and subsidy will also not be credited to the payment bank account. However, with the help of sweep in partner bank, refund, cashback can be credited to the payment bank. Wallet customers will no longer be able to transfer or top up money. NCMC cards issued by Paytm Payments Bank will also no longer be able to be recharged.