Paytm UPI: Paytm Payments Bank Directed by RBI to Halt Deposits, but UPI Service to Remain Unaffected
Following the RBI’s directive to Paytm Payments Bank (PPBL) to cease accepting deposits or top-ups in customer accounts, questions arise about the continuity of UPI services on Paytm. However, Paytm reassures users that the UPI service will continue without disruption, as the company collaborates with other banks to implement necessary changes. Despite PPBL facing restrictions from the RBI after February 29, Paytm ensures seamless UPI operations for its users.
According to the National Payments Corporation of India (NPCI), PPBL ranked as the top UPI beneficiary among banks in December, handling 283.5 crore transactions during the month. Customers conducted 144.25 crore transactions on the Paytm Payment Bank App, amounting to ₹16,569.49 crore in December alone.
Regarding the impact on bill payments through BBPOU, Paytm confirms that users can continue utilizing the app for all bill payments and recharges without interruption. Paytm underscores its commitment to providing a wide array of payment options for user convenience.
Although the RBI’s directive restricts PPBL from accepting deposits or top-ups in customer accounts, Paytm Wallet users can still conduct transactions until February 29. However, after this date, they can only utilize their existing balance until depleted and will be unable to add funds to their accounts thereafter.
