"Your Money Is Safe": Paytm Payment Bank Assures Customers After RBI Ban (Image: X/@PaytmBank)
Paytm Payments Bank reportedly assured its customers on Friday that their “money is safe” with the company. By sending out emails and text messages, the company told customers that the RBI directive does not impact their existing balances, reported NDTV.
Paytm Payments Bank made this move as the Reserve Bank of India (RBI) recently barred the company from making credit transactions and accepting fresh deposits. “Your money is safe with the Bank,” said Paytm Payments Bank in its “important update,” as quoted by NDTV. The company also informed customers that they would not be able to deposit money into their accounts or wallets after February 29. “There is no restriction on withdrawal of money from your existing balance even after Feb 29, 2024. For any further assistance, please reach out to us via the 24×7 help section on the App,” added the company.
To every Paytmer,
Your favourite app is working, will keep working beyond 29 February as usual.
I with every Paytm team member salute you for your relentless support. For every challenge, there is a solution and we are sincerely committed to serve our nation in full…— Vijay Shekhar Sharma (@vijayshekhar) February 2, 2024
“To every Paytmer, Your favourite app is working, will keep working beyond 29 February as usual,” wrote Paytm founder Vijay Shekhar Sharma on Friday morning on his X handle. Vijay Shekhar Sharma also said that for every challenge, there is a solution and added that the company is sincerely committed to serving the nation in full compliance. “India will keep winning global accolades in payment innovation and inclusion in financial services – with PaytmKaro as the biggest champion of it,” added the Paytm founder amid concerns over the RBI order.
India”s apex bank informed on January 31 that this strict action was precipitated by Paytm Payments Bank’s “persistent non-compliances.” One 97 Communications Ltd, the parent company of Paytm Payments Bank, said that RBI’s move will not impact user deposits in their savings accounts, wallets, FASTags, and NCMC accounts.
