Paytm Payments Bank Ltd (PPBL) has been restricted by the Reserve Bank of India (RBI) and has been prohibited from adding new customers. Existing customers will be able to use this service till March 15. In such a situation, there is bound to be confusion among Paytm Bank account holders, everyone is worried about their Paytm Bank Balance, FASTag, and NCMC Card, so today we are going to answer all your questions.

On January 31, RBI took action and imposed restrictions on Paytm Payments Bank Ltd. Since then, the company's challenges seem to be reducing. RBI said that after February 29, 2024, the payment platform will not be able to accept new deposits in its accounts or wallets. However, the deadline was later extended to March 15. There are many types of questions going on among the customers of Paytm Bank, the answers to which are going to be given today.

What to do if you have money in Paytm Bank?
If you have money deposited in Paytm Payments Bank, you can use it now. If bank account holders wish, they can withdraw it or easily transfer it to another bank account. RBI has said that existing customers can withdraw their deposits and also transfer them to other banks.

Users can use the FASTag service till February 29 or as long as there is a balance in their Paytm bank account. It has been said by RBI that settlement can be done till 29th February. After this, time has been given till March 15, in which all the transactions will have to be completed. However, Paytm claims that its Fastag will continue to work as long as the balance remains.

Is the money kept in Paytm Payments Bank safe?
If your money is deposited in Paytm Payments Bank, then it is absolutely safe. The big reason behind this is that it is insured. This insurance is available under the Deposit Insurance and Credit Guarantee Corporation (DICGC). DICGC works under RBI and provides insurance on deposits. This helps if the bank fails to make the payment due to some reason.

Is PPBL money insured by DICGC?
Yes, PPBL money is insured by DICGC. According to the rules, a maximum of Rs 5 lakh is protected in individual deposits. All regulated banks work under RBI. Deposits in all commercial banks, local banks, and regional rural banks operating in India are insured. Not only this, foreign banks working in India also work under this rule.

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