Paytm Founder Vijay Shekhar Sharma Assures Users Of Seamless Operations Beyond February 29

Paytm Founder Vijay Shekhar Sharma Assures Users Of Seamless Operations Beyond February 29

In the post, he wrote, "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.."

Rahul MUpdated: Friday, February 02, 2024, 09:42 AM IST
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Paytm Founder Vijay Shekhar Sharma Assures Users of Seamless Operations Beyond February 29 | Image credit: Wikipedia (Representative)

Vijay Shekhar Sharma, the founder of Paytm, posted an update for Paytm users on the X platform (formerly Twitter) on Friday. This came in response to the recent Reserve Bank of India (RBI) imposing new restrictions on Paytm Payments Bank Ltd.

In the post, he wrote, "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 compliance. India will keep winning global accolades in payment innovation and inclusion in financial services - with PaytmKaro as the biggest champion of it."

RBI Imposes Restrictions on Paytm Payments Bank

On Wednesday, January 31, the Reserve Bank of India (RBI) placed new limitations on Paytm Payments Bank Ltd. According to a statement, Paytm Payments Bank Ltd was not allowed to take deposits or enable credit transactions, including top-ups in customer accounts or related prepaid instruments like wallets and FASTags, after February 29.

In March 2022, the RBI had instructed Paytm Payments Bank Ltd to immediately halt the process of adding new customers. The RBI imposed extra limitations on Paytm Payments due to ongoing issues with not following the rules and ongoing significant concerns in the bank, as stated by the RBI.

However, the recent restrictions do not stop customers from using the money in their accounts, such as savings and current accounts, prepaid instruments, FASTags, National Common Mobility Cards, etc., up to their available limit. Additionally, Paytm's Unified Payment Interface (UPI) services remain unaffected.

One 97 Communications (Paytm) Shares

The shares of Paytm on Friday at 9:38 am IST were trading at Rs 487.20, down by 20 per cent.

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