Paytm Payments Bank is closed today.Click here for details

The Paytm app will continue to work even after March 15.

Paytm, a major player in India’s fintech space, is facing a setback as its banking arm Paytm Payments Bank Ltd (PPBL) has stopped critical services from today. Earlier, the Reserve Bank of India imposed restrictions on the bank citing serious violation of rules. Customers who rely on digital payments are advised to look for alternative banking solutions.

These services are discontinued starting today:

• Paytm Payments Bank customers can no longer deposit funds into their accounts, but can still withdraw or transfer funds.
• Users will no longer receive salary points, direct benefit transfers and subsidies in Paytm Payments Bank accounts, but will continue to receive refunds, cashbacks and sweeps from partner banks.
• Users cannot top up their wallets or transfer funds from Paytm wallets, but they can still use the money in their wallets to pay their bills.
• Customers will not be able to recharge FASTag issued by Paytm Bank.
• NCMC card cannot be recharged from Paytm Bank.
• Users will not be able to transfer funds to Paytm payment bank accounts through UPI or IMPS.
• Customers can still use their Paytm balance to pay for subscriptions, but they will have to use different bank accounts from March 15.

However, the Paytm app will continue to work even after March 15. If you do not have a Paytm payment bank account, your service will not be affected. You can still use UPI services through the Paytm app, as long as the app is linked to another bank.

Paytm’s parent company One97 Communications has received approval from the National Payments Corporation of India (NPCI) to continue offering UPI services as a third-party application provider (TPAP). Under this new setup, Paytm will tie up with banks such as SBI, Yes Bank, Axis Bank, HDFC Bank and others to process payment services for Paytm users.

You can continue to use the Paytm app for all bill payments and recharges. Your Paytm QR code, speaker and card machine will also remain operational.