Big shock for Paytm users, strict action by RBI, will your money be lost or will you get it in full?

Paytm License Cancelled: The Reserve Bank of India (RBI) has canceled the license of Paytm Payments Bank and this decision has been implemented with immediate effect. Not only this, RBI is preparing to go to the High Court regarding this entire matter. This move has raised concerns among millions of users.

Company claims depositors’ money is safe

A banner has been released on the official portal of Paytm Payments Bank, which clearly states that ‘depositors’ money is safe’. The company has also assured that sufficient funds are available to refund the money of all the customers. However, no clear guidelines have been issued yet regarding the entire process of returning the money. The company is talking about giving detailed information about this soon.

How to get the money back?

Both Paytm Payments Bank and RBI have assured that the customers’ money will be returned. But at present there is no official notice of refund process on the portal. Due to this, questions are arising in the minds of the users that when and how will they get the money.

Now Paytm Payments Bank will not be able to function like a bank.

After the license is cancelled, Paytm Payments Bank will no longer be able to function like a bank.

• New transactions will be stopped
• Banking services will not be available
• New accounts or deposits will not be accepted

This will have a direct impact on those users who used to conduct their daily financial activities through this bank.

Why did RBI take such a strict step?

Many serious reasons are being given behind this decision of RBI:

• The bank was not operating properly
• The interests of account holders were at risk
• Lack of trust in management
• Regulatory conditions were not being followed

RBI has already shown strictness on Paytm Payments Bank.

• Ban on adding new customers in 2022
• Ban on depositing money in account in 2024

These decisions also had an impact on services like Paytm Fastag.

Also read: Now you will not have to pay for useless data, rules will change from April 28, will you get cheap call plans or will the expenses increase?

What is the difference between Paytm and Paytm Payments Bank?

It is very important to understand that Paytm app and Paytm Payments Bank are two different entities. RBI’s action has been taken only on Paytm Payments Bank. Paytm’s parent company One 97 Communications has clearly said that it is separate from Paytm Payments Bank Limited. This means that the Paytm app will continue its services and work normally.

What does it mean for users?

There are two big things in front of the users from this whole incident:

• Money deposited in the bank is safe and will be returned.
• But closure of banking services may increase inconvenience.