An important news for all the Paytm users

According to a news article, the RBI has banned Paytm Payments Bank from accepting deposits and onboarding new users. However, existing customers can still access their accounts and withdraw their money through options like UPI (Unified Payments Interface), IMPS (Immediate Payment Service), or RTGS (Real-time Gross Settlement).

If you have money in your Paytm Wallet, you can transfer it to a bank account. However, there is a limit of Rs 25,000 per transaction, and one can only transfer up to Rs 1, 00,000 a day from Paytm Wallet to a bank account.

As of now, there are no restrictions on transferring money from a Paytm Payments Bank or Paytm Wallet to another account, and you can continue to use the service even after February 29. However, you won’t be able to credit an additional amount to your Paytm Wallet. Paytm has also officially stated that it will soon move services like Paytm Wallet, FASTags, and NCMC accounts to other banks.

If you are looking for alternative payment options, you can consider using other digital wallets like Google Pay, PhonePe, or Mobikwik. These wallets offer similar services and are also widely used in India. You can also consider using traditional banking services like State Bank of India, HDFC Bank, or ICICI Bank, which offer a range of services like savings accounts, current accounts, and credit cards.

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