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  • Category: Finance & Money Matters
    Points:6

      

    Confusion aout Paytm

    As you all know, as per a recent RBI directive, as mentioned in media reports, Paytm Payments Bank (PPBL) has been restrained from taking deposits, allowing top-ups, and curbed from various financial activities as well after 29th Feb. '24 because of non-compliance to RBI guidelines. Those who use wallets and have a FASTag will apparently be affected.

    There seems to be a lot of confusion about this directive, and I read thatkirana and other retail stores have already switched to other payment apps and are not waiting for the month to end for the curbs to come into force.

    Perhaps someone here could explain more clearly what exactly it entails. Other than what RBI said about the restrictions on PPBL's activities as mentioned above, what exactly are the restrictions vis-a-vis the Paytm digital payment app itself? Does it mean that you can no longer make purchases at stores or, say, pay the restaurant or salon bill with Paytm after 29th Feb.?
  • #28491

    Points:5
    1. The users can continue using their Paytm Payments Bank Wallet services, but they will not be able to add funds after 29th February, 2024. Existing balances in wallets can still be used even after 29th February.

    2. The users can continue to utilise Paytm for bill payments and recharges without any disruption. They can continue using services like booking movie tickets, purchasing airplane tickets or railway tickets, etc.

    3. The FASTag service is directly linked to the Paytm wallet. Since the RBI has barred its services after 29th February, 2024, the users will not be able to add any new balance to it. This makes the Paytm FASTag dysfunctional w.e.f 1st March, 2024. However, the users can still use the Paytm FASTag if they have balance in their wallets.

    This is the present position. But active negotiation is going on between Paytm management and RBI. It is expected that situation will change, which will be announced before 29th February, 2024.
    "Tera chehra kitna suhana lagta hain; Tere aage chand purana lagta hain"--Kaif Bhopali

  • #28492

    Points:2
    In short, we should not put more money as of now. We must spend the money already kept. Even after 29th February, 2024, the money already kept is safe and secure.
    "Tera chehra kitna suhana lagta hain; Tere aage chand purana lagta hain"--Kaif Bhopali

  • #28499

    Points:2
    Some of my friends are spending the PayTM balance whatever is there in their PayTM wallets and trying to use it fully till month end and then wait for the developments in this regard.

  • #28502

    Points:5
    Yes for most people it will be confusing.
    Many business models and systems are now confusing, obviously for exploiting the loops and lacunae and vulnerabilities in the regulator systems and the general lethargic, non-vigilant characteristics of common people.

    RBI has put restrictions on PayTM Payment Bank for reasons of "persistent non-compliances with regulations"
    PayTM payments Bank cannot open new accounts and cannot deal in receiving deposit , i.e. users cannot add money to their PayTM wallets. But, they can exhaust the balance available now by using for spends. PayTM Bank linked Fastags cannot be topped-up after Fb29th.

    RBI has demanded a thorough IT audit in PayTM payments Bank Ltd. Only after this report RBI will consider any decision of review or revise their present decision.

    However, it is easy and possible for the PayTM to say that PayTM platform is different entity from PayTM Payments Bank Ltd. Hence to retain their custom users they may amend and stay by delinking their wallet with PayTM Payments Bank and going for tie-up with other permitted banks. This they may do mostly before Feb29 to retain their users and as damage control.
    So PayTM wallet users can wait and see and for caution may immediatly stop adding money to their PayTM wallet, but use the existing balance for spends. We don't know, but hope if RBI may give a little more time for utilising the existing balance in the PayTM wallets. In case new tie-ups come and users are directed to use the new tied up banks, then users may have to submit fresh KYC also.

  • #28505

    Points:2
    There are some new developments like RBI extending the deadline, positive reaction from management, Enforcement Directorate (ED) finding no violation under the Foreign Exchange Management Act (FEMA), a deal with Axis Bank, etc are in the news and PayTM share is looking up in the stock market.
    Let us see some more changes in coming times.


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