Paytm Payments Bank / Tension and confusion regarding Paytm across the country - know the answer to all your questions

Paytm Payments Bank: In view of the restrictions imposed by RBI on Paytm, there is concern among many people. Now in view of this concern, CAT has advised merchants to shift to other payment apps instead of Paytm. Due to the recent restrictions imposed on Paytm by the Reserve Bank, merchants across the country are using Paytm. He has said that I am very worried about my money.

Subsequently, CAT has issued an advisory to caution merchants using Paytm across the country, stating that Paytm users should take immediate measures to protect their money and conduct their financial transactions without any loss. Make sure.

Small traders are using Paytm

CAT National President BC Bhartia and National General Secretary Shri Praveen Khandelwal said that a large number of small businessmen, vendors, hawkers and women are transacting through Paytm and the RBI ban has created tension in the minds of these people. Is.

If you have any question related to Paytm then know its answer here -

Will you be able to port Paytm wallet?

This question is running in the minds of many people whether we will be able to port our wallet. So the answer is no... However, you can recharge and pay with your money.

Will you be able to deposit money in Fastag account?

You can use the money you already have but will not be able to add more money.

Will shopkeepers accept payment through Paytm?

Shopkeepers who receive money in their Paytm Payments Bank account will not be able to receive payments. But many merchants or companies have QR codes of other companies through which they can accept digital payments.

What will happen to the gold purchased from Paytm?

Your gold investment is completely safe. This service will not be affected by the action of RBI.

What will happen if Fastag is also linked to vehicle toll tax?

If your FastTag is linked to Paytm wallet or account then it will not work after 29th February.

Will digital payment be possible through UPI?

Yes, you can pay through UPI. The only condition is that UPI should be linked to some other bank account.

What will happen to those who take loan from Paytm?

If you have taken a loan then its repayment will be the same as before. You will be able to pay the installments like before. However, the company has closed its loan giving platform operations for a few weeks.

What will happen to all wallets related to food and fuel?

You can use the cash in your sub-wallet, but now you will not be able to add new funds to it.

What to do with Paytm wallet balance?

There may be difficulty in withdrawing the money deposited in Paytm Payment Bank wallet after 29th, so you should transfer this money to another account before the due date.

Paytm opened crores of accounts without verification

Bhartia and Khandelwal said that one of the main reasons for the ban on Paytm Payment Bank is that the company has created crores of accounts without proper identification. The KYC process was not completed under these accounts. Not only this, transactions worth crores of rupees were also made without identification, which has given rise to the possibility of money laundering.

1000 Accounts linked on one PAN

According to media reports, one of the biggest reasons for imposing the ban by RBI was that the accounts of more than a thousand users were linked to one PAN under Paytm Payment Bank. Apart from this, the investigation conducted by both RBI and auditors found that Paytm Bank was not following the rules.