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• Payments Bank Closed
• What will happen to Paytm Wallet and UPI?
• What exactly is closed?

Paytm Bank News : RBI on Paytm Payments Bank (Paytm Bank News) The biggest action has been taken. After that a lot of confusion has arisen in your mind too. Since this action, people have started asking many different questions. One of the questions is, if Payments Bank shuts down, will Paytm Wallet also shut down? Minimum Balance: Big revelation in Parliament! Banks recover thousands of crores for not maintaining minimum balance; ‘These’ banks earn the most

What exactly is closed?

In fact, the Paytm app is not closed. This action has been taken only on Paytm Payments Bank. After this, the bank could not add new customers and some banking services were suspended. But, this does not mean that the Paytm app or the UPI service has been completely shut down.

So will Paytm wallet work or not?

If you already have money in your Paytm wallet, you can spend it. But as per RBI guidelines the rules for depositing new money in the wallet or some services may change from time to time. So, it is necessary to check the official updates of the wallet for the latest rules.

What was the impact on UPI payments?

If you use UPI through a wallet app, you don’t need to worry in most cases. Paytm has partnered with many other banks to continue its UPI service. This means you can make payments, send money and receive money just like before by scanning a QR code.

What if there is a bank account link?

If your UPI is linked to SBI, HDFC Bank, ICICI Bank, Axis Bank or any other bank account, your UPI service will continue to function normally. Such users are not directly affected by Paytm Payments Bank’s action.

Can you create a new wallet?

The rules to wallets keep changing from time to time. So, before opening a new wallet or adding balance to the wallet, please check the updated information on Paytm app or official website.

What should you do?

If your UPI is working properly, then nothing needs to be done. However, if your bank account is previously linked to Paytm Payments Bank, it would be better to link it to another bank account. Due to this, there will be no need to face any future problems.

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