The Reserve Bank of India (RBI) has banned the Paytm payment Bank. It has issued a notification regarding the ban on accepting deposits or top-ups to the Paytm Payment Bank and all the linked services to “persistent non-compliance and continued material supervisory concerns in the bank” under Section 35A of the Banking Regulation Act, 1949.
RBI has tweeted on X (Formal Twitter) “Action against Paytm Payments Bank Ltd under Section 35A of the Banking Regulation Act, 1949.” Today I am explaining to you What will happen to your money and how you can transfer your money from Paytm Payments Bank to other bank accounts.
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RBI Bans on Paytm Payments Bank Services
The Reserve Bank of India has not only just banned the Paytm Payments Bank but also banned the onboarding the new users from February 29, 2024. Those users who are using Paytm-linked services like wallets, FASTags, NCMC Cards (National Common Mobility Card), and more will be affected by this ban.
Customers can use their existing balances and transfer that balance to the other bank account. They can also use their Fastags balance.
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How to transfer money from Paytm Payments Bank to other bank accounts?
You have to follow these processes to transfer your money from Paytm Payments Bank.
- You have to open the “Paytm app” on your smartphone.
- Log in with your phone number if you are not logged in to Paytm then select the Banking and Payment option.
- After this, select the “bank account” option.
- Select “your bank account” to which you want to transfer your money.
- Enter the amount (how much you want to transfer) after selecting the bank account.
- Now Select the “Paytm Payments Bank” option and enter the “PIN” code to authenticate the transaction. That’s all your money will be transferred to your other bank account from your Paytm Payments bank.
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