Do you use the Paytm app? Do you have a bank account in it? Perhaps you have money deposited in this bank account and many other things might be going on in your mind at this time, which is also natural. The Reserve Bank of India i.e. RBI has imposed a big ban on the country's largest fintech company Paytm. All services of Paytm Payments Bank have been banned by RBI from March 1. However, withdrawal and transfer of money have been allowed. In such a situation, the question that might be running in the minds of Paytm users is what will happen to their money now? What will happen to their bank account and what will happen to their Fastag? So let's try to know the answers to these questions...
What about keeping money in your wallet?
If you are a Paytm Bank customer, you should withdraw your money as soon as possible. You can transfer this money to any other bank account of yours or use it elsewhere.
Will shopkeepers be able to take money from customers through Paytm?
If you run a shop and you have a Paytm QR code on your shop you receive money from your customers. So from now on you will not be able to receive money from your customers through Paytm. This is because credit is not allowed on their account.
Will you be able to make UPI payment?
If your UPI link is linked to Paytm Payments Bank, you will be able to transfer money only till February 29. Then it can be used until it runs out. In such a situation, you can create another UPI ID, which is linked to some other bank.
What should Paytm Fastag people do?
If you have Paytm's Fastag, it will no longer work. In such a situation, you will have to buy a new Fastag, because your Paytm Fastag will not work further.
(PC: iStock)
