RBI bans Paytm in India on January 31, 6 facts you need to know

paytm code on commercial store
  1. Paytm has been banned on January 31, and it is necessary to withdraw its money from the wallet.
  2. The RBI has banned PayTM in India after February 29, 2024. After this ban, all the services of PayTM, such as FASTag, Wallet, and UPI, will be stopped.
  3. RBI has issued through a press release, stating the decision to discontinue the facility of deposits for bank services of PayTM. RBI had imposed a fine of Rs 5.39 crore on Paytm in October 2023.
  4. In this situation, users need to postpone Fastag, Wallet, and UPI related transactions after 29th February 2024.
  5. There has been a decline in the stock market of Paytm and the share price has decreased. The promoters of Paytm company have decided to sell their shares.
  6. RBI has investigated the case of money laundering with Paytm due to its connection with China, and they have completely banned it. RBI has found Paytm to be violating cyber security framework norms, including lack of sharing of transaction information and data.

Paytm has violated KYC rules, including unauthorized access to their limits and account balance.

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