A message has been sent by Paytm to the customers, in which it has been said that their money will be safe. The company has said that you will be able to withdraw the money that is in your balance even after February 29. Reserve Bank’s restrictions will not have any effect on your existing balance.
The Reserve Bank of India (RBI) had recently taken a strict action against Paytm Payments Bank Limited. Under this, it has been stopped from accepting deposits or top-ups in any customer account, prepaid instrument, wallet and Fastag after February 29, 2024. After this strong action of RBI against Paytm Payments Bank Limited (PPBL), the company’s shares have fallen by about 36 percent in two days. Not only investors, but also Paytm customers are scared as to what will happen to their money lying in their wallet. On this, the company has responded by sending a message to the customers.
What will happen to your money lying in your wallet?
A message has been sent by Paytm to the customers, in which it has been said that their money will be safe. The company said- ‘Reserve Bank of India has banned Paytm Payments Bank account/wallet from accepting payments from February 29 onwards. After February 29, you will not be able to deposit money in Paytm Payments Bank account/wallet. However, you will be able to withdraw the money that is in your balance even after February 29. The restrictions of the Reserve Bank will not have any effect on your existing balance and your money is completely safe with Paytm Payments Bank. For any help you can contact us 24×7. Thank you.’
What did the Reserve Bank say?
The central bank said, “No deposit or credit transaction or top up will be allowed in any customer account, prepaid medium, wallet, Fastag, NCMC card etc. after February 29, 2024. However, any interest, cashback Or the refund can be credited at any time.”
Along with this, RBI said that Paytm Payments Bank customers will be allowed to withdraw or use the balance from their accounts including savings bank account, current account, prepaid medium, Fastag, National Common Mobility Card (NCMC) without any restriction. . Earlier, in March 2022, RBI had stopped PPBL from adding new customers with immediate effect.
Paytm and Paytm Payments Bank are not one entity
Madhur Deora, President and Group CFO of Paytm, said, “There may be a perception that Paytm and Paytm Payment Bank are the same. But, as per the design and structure, it is not so.” He said, “First and foremost, it has to follow the governance that a bank should follow, which means it should have its own independent management team, which reports to the board. And matters have to be taken forward in committees of the board, where only independent directors can be.”
Paytm’s share is continuously falling
The company’s shares have been in a downward trend since the Reserve Bank of India took action against Paytm Payments Bank. On February 1 and 2, there was a lower circuit of about 20-20 percent in the company’s stock. Currently the share price of the company has come close to Rs 487. After the action of the Reserve Bank, investors are scared and they are withdrawing their money rapidly. This is the reason why the company has to give repeated statements saying that this will not affect people’s money.
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