Your money is safe: Paytm Payments Bank assures customers in email, text

Paytm Payments Bank has recently sent emails and text messages to assure its customers that their money is safe, despite the Reserve Bank of India's order to stop all new deposits and credit transactions from Match 1,2024.

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This announcement can customers worry less about their funds' safety. The communication stated that the bank's customers' money is safe and that there is no restriction on withdrawing money from their remaining balance even after February 29, 2024. However, according to the RBI's order, customers may not be allowed to add money to their wallets post-February 29.

The bank has suggested that its customers contact them for further assistance via the 24x7 help section on the App.

The Reserve Bank of India (RBI) banned Paytm Payments Bank from accepting customer deposits from 1 March, after an audit revealed 'persistent non-compliances' and "continued material supervisory concerns. 

The payments bank was already restricted from onboarding new customers almost two years ago, and this restriction remains in force.

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This directive will not affect the customers of the parent company (One 97 Communications) of the payments bank. UPI or unified payments interface transactions would also work on the app. RBI has allowed Paytm Payments Bank's customers to withdraw and transfer funds from their accounts but they cannot load these instruments with more money from March 1, 2024.