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‘Paytm app, NCMC card will work’: Paytm issues clarification for users after RBI crackdown; check details
- ‘’You can continue using the existing balances on your NCMC Cards. We started our journey of working with other banks over the last two years, which we will now accelerate'', said Paytm
Fintech major Paytm issues clarification for users for its ongoing services today, after the Reserve Bank of India (RBI) on Wednesday issued restrictions on Paytm Payments Bank. The RBI ordered Paytm Payments Bank to not onboard new customers and also not to undertake further deposits or credit transactions after February 29 this year.
According to RBI's order, no further deposits or credit transactions or top ups will be allowed in any customer accounts, prepaid instruments, wallets, FASTags, National Common Mobility Cards (NCMC), etc. after February 29, 2024, other than any interest, cashbacks, or refunds which may be credited anytime.
However, the fintech app has issued clarifications for customers in a series of posts on social media platform ‘X’. Here's what Paytm says after RBI announced restrictions:
-Customers can continue using the existing balances on your NCMC Cards. ‘’We started our journey of working with other banks over the last two years, which we will now accelerate. We are working on effective solutions to ensure a seamless customer experience and will keep you updated,'' said Paytm.
-Paytm clarified that its merchant payment services are not impacted. ‘’Your Paytm POS and Soundbox services remain unaffected and we will continue to onboard new offline merchants,'' said the fintech major.
-''You can continue using the existing balances on your Paytm FASTag. We started our journey of working with other banks over the last two years, which we will now accelerate,'' added Paytm.
-The Paytm app is working. Most of the services offered by Paytm are in partnership with various banks (not just our associate bank). ‘’We started our journey of working with other banks over the last two years, which we will now accelerate,'' said the fintech app.
Also Read: Are you a Paytm Payments Bank customer? Here’s what you should know about RBI order against company
The RBI in its order, further mentioned that the Nodal Accounts of One97 Communications and Paytm Payments Services Ltd. are to be terminated at the earliest, in any case not later than February 29, 2024.
However, the withdrawal or utilisation of balances by its customers from their accounts including savings bank accounts, current accounts, prepaid instruments, FASTags, and National Common Mobility Cards are to be permitted without any restrictions, up to their available balance, the banking regulator said in a statement.
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Business NewsIndustry‘Paytm app, NCMC card will work’: Paytm issues clarification for users after RBI crackdown; check details
First Published:1 Feb 2024, 02:11 PM IST
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