Paytm LIVE News: The deadline mandated by the Reserve Bank of India for Paytm Payments Bank ends today. Amid all the feverish frenzy over what will work and what not, Paytm’s parent company One97 communications issued a fresh list of services that will continue to work without any hindrance after March 15.
Meanwhile, the NHAI has removed Paytm Payments Bank from its authorised issuer list. Amid the buzz, all eyes are on the National Payments Corp of India, which is likely to give nod to a third-party application provider licence for Paytm, a Reuters report said. The TPAP licence will facilitate users to continue making UPI transactions via Paytm app, even though Paytm Payments Bank is all set to stop operations by March 15.
Here are live updates on Paytm Crisis
The National Payments Corporation of India gave approval to Paytm’s parent company One97 Communications Ltd to become a third party UPI app, on Thursday.
One day after the National Payments Corporation of India (NPCI) granted approval to One97 Communications Limited to operate as a third-party app on the UPI platform, Yes Bank and Axis Bank were integrated into the Paytm app, according to a report by MoneyControl. This integration occurred early on March 15, enabling users to create new handles directly within the Paytm app.
Yes, Paytm QR codes, Soundbox, and card machines also remain fully operational. This ensures continued convenience for millions of users and merchants who rely on these services for their daily transactions, Paytm said in new set of FAQs.
Yes, users can continue using services on the Paytm app without any interruption, says Paytm.
From March 15 onwards, customers will no longer be able to recharge their FASTag issued by Paytm Payments Bank. Additionally, transfers into Paytm Payments Bank accounts through UPI or IMPS will be halted.
As mandated by the Reserve Bank of India, Paytm Payments Bank will discontinue operations such as accepting deposits and processing credit transactions from March 15 onwards. This action follows serious rule violations, as outlined by the RBI on January 31. Investors who solely utilize the bank for stock trading have received guidelines from the Bombay Stock Exchange.
The Reserve Bank of India (RBI) had requested the National Payments Corporation of India (NPCI) to examine Paytm parent One97 Communications' request to be a third-party application provider.
1. Log in to FASTag Paytm interface with user ID and password.
2. Verify with registered phone number and FASTag number.
3. Navigate to Service Request or Paytm app's assistance.
4. Clearly state intention to deactivate FASTag.
5. Follow provided guidelines; provide additional data if needed.
6. Initiate service request and note complaint/reference number.
7. Follow up if no deactivation confirmation received.
8. Choose 'Closure Request' to deactivate either RFID tag or linked wallet.
1. Contact the new bank's customer service.
2. Follow their instructions, which may include:
- Completing an application.
- Submitting required paperwork.
- Paying a porting fee.
3. Await confirmation from the new bank once your porting request is approved.
4. Start using your FASTag with the new bank account.
Following the crackdown on Paytm and Visa, the Reserve Bank of India shifted its focus to peer-to-peer credit card payments. The central bank intensified scrutiny on third-party service providers, particularly fintechs facilitating such transactions. Previously, individuals were restricted from making rent payments to landlords without a merchant payment account. However, P2P platforms enabled credit card payments, allowing retail customers to pay rents and tuition fees through third-party apps.
Paytm was removed from the list of FASTag issuers on Wednesday, March 13, after NHAI released a revised list of banks.
Vijay Shekhar Sharma resigned as the part-time non-executive chairman and board member of Paytm Payments Bank on February 26, 2024.
To verify an active tag, navigate to the "Manage Tags" section within your FASTag sub-wallet. Here's how you can check your FASTag balance online via a website:
Step 1: Go to the designated website of your vehicle's FASTag issuer.
Step 2: Sign in to your FASTag account and locate the option to review your account balance.
Step 3: Access your FASTag account statement to review past transactions and payments
The parent company of Paytm, One 97, is poised to downsize its workforce across various departments as part of its annual performance evaluation, according to sources cited by Moneycontrol. This decision comes amidst heightened scrutiny from the Reserve Bank of India (RBI) regarding the payment banks operated by the fintech unicorn, due to identified lapses in due diligence.
Good morning and welcome to our live blog on the crisis at Paytm Payments Bank. The RBI deadline will end tomorrow. Users are being told repeatedly to transfer their fastags and funds to other wallets and banks. So, will PPB cease to exist after March 15? What happens to UPI payments via Paytm app? Know all the answers, FAQs and key announcements here.
In February, Paytm, the third-largest app for UPI payments in India, processed 1.41 billion monthly transactions amounting to 1.65 trillion rupees ($19.94 billion), as per data from the NPCI website. This is a decrease from January, where it handled 1.57 billion transactions worth 1.93 trillion rupees. PhonePe and Google Pay hold the positions of the two largest UPI payment apps in India. A Reuters report says that the RBI is unlikely to extend the March 15 deadline set for Paytm Payments Bank to cease its operations.