Paytm Bank will no longer operate starting from March 1.

[Bitcoin Smith]

Some of you may have already received the official announcement from the Paytm itself regarding their closure of Banking service today, but RBI issued a ban on their license a couple of days ago due to persistent non-compliance and significant supervisory concerns. But the news not yet reached to all the users.

So you guys, if you have any balance left if your Paytm bank balance then just withdraw them ASAP, don't wait till the deadline because we never know Paytm actually have enough money to settle all the payments when everyone starts withdrawing their balance.

paytm wallet will not affect due to this RBI decision, and you can also keep using their UPI channel to receive funds to your bank accounts.

You can see all the affected service in this news : RBI orders halt on Paytm Payments bank transactions: How will customers be affected?

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[TheUltraElite]

I used to have a paytm account which was active, but eventually UPI came in and followed by Gpay and I eventually lost interest in that app. With freebies stopping on many such sites, I rarely opened their app anymore. Only recently I opened it on my device when Paytm launched their IPO.

Till date, I have already cleared off my balance from Paytm a long time back. I think this is one part of attempting to curb the payments system so they can push the CBDC eRuppee into the population.

[pakhitheboss]

This is an important piece of news you have shared @Bitcoin Smith, please move it to the News Child board. I do not think it is relevant to the main board as we do not want the main board to discuss a Bank getting ripped by an RBI. I conclude that PayTM itself has been on scanners of the government authorities as it has a huge chunk of investment from a Chinese bank. I am a regular user of its UPI service and pay many of my bills using its interface, but I have never subscribed to its banking, which is kind of strange to me as I do not consider it a bank. I have the same attitude towards Airtel Bank as I still feel it is better to use its mobile service rather using its banking services as such issues might arise with them in the future.

[kentrolla]

Appreciate sharing this here as some might not be aware but atleast those who had been following the news regularly has seen this coming for a while now as there has been lot of issues and non compliance from Paytm and eventually got what it deserved. We have better options now and there are banks like Kotak which has created stuffs like Kotak spends which is more secure and better than Paytm or any other UPI payment system hence it's time we start utilizing banks app and it's associate apps which are launched for this purpose instead of any third party app risking it all. Hope people clear off their balances from Paytm before it's too late.

[Bureau]

There are rumors that this step was taken at the behest of Jio and Adani. Jio has already started a Jio payment bank but is not able to get customers and such a move by RBI will bring customers to them. Adani Financial is in talks with RBI to launch their payment bank this year and to benefit these two companies such a step was taken. RBI is not halting the AML by delicensing the payment bank they have now approached ED as they suspect small transactions were made using the Paytm payment bank which resulted in 100Cr being laundered into India.

[Bitcoin Smith]

This is an important piece of news you have shared @Bitcoin Smith, please move it to the News Child board. I do not think it is relevant to the main board as we do not want the main board to discuss a Bank getting ripped by an RBI.

I don't see description on news and press childboard but AFAIK, it's to share news articles...

Even though I don't like a Bank getting ripped by RBI but I never consider Paytm Bank as an actual bank and I see it as a positive news because private banks often involves in activities that doesn't comes under RBI regulations so this can be an example for the biggest private banks to know what will happen if they don't comply Regulations.

[Bureau]

The PayTM issue is much bigger than it looks. After RBI, NHAI has banned them from issuing FASTag. If anyone is using UPI address that ends with @paytm, please shift to another service provider as it will be banned after 29th of this month. If you are a store owner it is better to start using a different UPI pay receiver as Paytm QR code will not work after the same date. I doubt they will now get thier licence back from RBI as they have broken too many laws.

[pakhitheboss]

The PayTM issue is much bigger than it looks. After RBI, NHAI has banned them from issuing FASTag. If anyone is using UPI address that ends with @paytm, please shift to another service provider as it will be banned after 29th of this month. If you are a store owner it is better to start using a different UPI pay receiver as Paytm QR code will not work after the same date. I doubt they will now get thier licence back from RBI as they have broken too many laws.

It is better to stop using this app for anything. I remember there was a time when they were forcing their wallet users to open a bank account in the disguise of completing KYC for their wallet. They had hired agents all over India who were supposed to get paid INR 50 and one of my friends was part of the agent group. Later on, these agents recruited more agents under them and shared the revenue, it was like MLM schemes. I know it because unfortunately one of my friends deals in the MLM business and has made a fortune around it, he was the one who got two guys under him for the Paytm bank thing.

[Bitcoin Smith]

The PayTM issue is much bigger than it looks. After RBI, NHAI has banned them from issuing FASTag. If anyone is using UPI address that ends with @paytm, please shift to another service provider as it will be banned after 29th of this month. If you are a store owner it is better to start using a different UPI pay receiver as Paytm QR code will not work after the same date. I doubt they will now get thier licence back from RBI as they have broken too many laws.

I am not sure whether we can use Paytm fastag or not, but I already initiated closure of my tag that I have been using it since 2018, and they said funds will be credited in 5-7 working days.

But sound box and UPI channel may not be affected due to this issue, or at least that is what they show in their app page about what will work and what won't after 29th Feb. I wonder what will happen to each and every store in India that uses Paytm sound box for their UPI payments?

[pakhitheboss]

I am not sure whether we can use Paytm fastag or not, but I already initiated closure of my tag that I have been using it since 2018, and they said funds will be credited in 5-7 working days.

But sound box and UPI channel may not be affected due to this issue, or at least that is what they show in their app page about what will work and what won't after 29th Feb. I wonder what will happen to each and every store in India that uses Paytm sound box for their UPI payments?

Did watch the recent video of Labour Law Advisor? They came out with a new video only about Paytm and how this company has been manipulating its customers. You should watch it and they have mentioned that the @paytm address would not be usable after the ban gets activated from the 29th of this month. They have given the reason why it will not work, I feel Burea might have come up with a reply on your thread after watching that video. What he is writing has been discussed in that video too with detailed information and their views. Here is the link - https://www.youtube.com/watch?v=aJBO5arsQrU&t=9s

Wait a minute is this a leap year? It caught my attention when the 29th came as a date for the ban. LOL! 

[Bitcoin Smith]

I am not sure whether we can use Paytm fastag or not, but I already initiated closure of my tag that I have been using it since 2018, and they said funds will be credited in 5-7 working days.

But sound box and UPI channel may not be affected due to this issue, or at least that is what they show in their app page about what will work and what won't after 29th Feb. I wonder what will happen to each and every store in India that uses Paytm sound box for their UPI payments?

Did watch the recent video of Labour Law Advisor? They came out with a new video only about Paytm and how this company has been manipulating its customers. You should watch it and they have mentioned that the @paytm address would not be usable after the ban gets activated from the 29th of this month. They have given the reason why it will not work, I feel Burea might have come up with a reply on your thread after watching that video. What he is writing has been discussed in that video too with detailed information and their views. Here is the link - https://www.youtube.com/watch?v=aJBO5arsQrU&t=9s

Wait a minute is this a leap year? It caught my attention when the 29th came as a date for the ban. LOL! 

So Paytm still choose to lie?

Anyway I am not using any other their products except fastag and have around 1000 rupees for fast tag top up in their wallet but Irony is now I have to go through KYC to move the balance available in their wallet to my bank account.

I am looking for alternatives, do you guys know any way to move the funds to bank account without completing KYC?

I saw opt out permanent closure is an option but yet to try any method.

[TheUltraElite]

I am looking for alternatives, do you guys know any way to move the funds to bank account without completing KYC?

I saw opt out permanent closure is an option but yet to try any method.

Without a KYC your money is as good as locked up in that account on a time bomb set for 29th feb.

The only option you still have at hand to save that money is to get the KYC done ASAP, double time and rescue those funds.

However what is going to stop working is paytm payment bank and not paytm itself. Is Fastag running in the app or in the payments bank? If its the former then you might not have to withdraw it.

I am not aware of the above since I dont use it anymore.
I guess the government will have to increase the deadline because some users will be in similar situations too.
#feelsbadman

[pakhitheboss]

I am looking for alternatives, do you guys know any way to move the funds to bank account without completing KYC?

I saw opt out permanent closure is an option but yet to try any method.

Try the bolded option as I do not think you would need to complete KYC for it. The best is My FASTag which is a product of the National Highways Authority of India or NHAI that one is good. I understand you have a bank account with ICICI if I remember correctly, they would have a system within their banking app or an external app to provide the service. Like Kotak which is my bank, I have a FASTag service built into the bank app which I need to reload the account every month by INR 1000. I have been using it from the beginning and I have not faced any issues unless there is a server issue.

However what is going to stop working is paytm payment bank and not paytm itself. Is Fastag running in the app or in the payments bank? If its the former then you might not have to withdraw it.

I guess the government will have to increase the deadline because some users will be in similar situations too.
#feelsbadman

Not sure whether RBI would give relaxation with the dates as it will only encourage Paytm to do more illegal activities. FASTag is a product of NHAI and they have banned it on Paytm apart from the ban they received from RBI for Paytmbank. They were using a nodal Paytm bank account to process all FASTag payments which is why it will become redundant after 29th of February.

[Bitcoin Smith]

I am looking for alternatives, do you guys know any way to move the funds to bank account without completing KYC?

I saw opt out permanent closure is an option but yet to try any method.

Try the bolded option as I do not think you would need to complete KYC for it. The best is My FASTag which is a product of the National Highways Authority of India or NHAI that one is good. I understand you have a bank account with ICICI if I remember correctly, they would have a system within their banking app or an external app to provide the service. Like Kotak which is my bank, I have a FASTag service built into the bank app which I need to reload the account every month by INR 1000. I have been using it from the beginning and I have not faced any issues unless there is a server issue.

Just waiting for the deposit of my fast tag to be credited into wallet balance, then I am going to try closing the paytm to transfer the balance to my account instead of completing KYC just to withdraw an amount of 100 INR because we never know what they will be using with these KYC documents further.

I already ordered my ICICI tag via Imobile which is yet to be delivered.

[erikalui]

Paytm UPI was the best option for me and now I'm using Bhim which is much more complicated. Paytm had its own bank and it was easy to add and withdraw money which is not offered by other UPI alternatives.

[Bitcoin Smith]

Paytm UPI was the best option for me and now I'm using Bhim which is much more complicated. Paytm had its own bank and it was easy to add and withdraw money which is not offered by other UPI alternatives.

You should use Gpay or Phonepe which kind of having similar feature but they don't call themselves as bank because the maximum amount you can add is upto 2000/4000 Rupees and it can be helpful for making small UPI transaction especially one who uses government sector bank where we often face server down errors and money debited but not credited to the beneficiary.

Pay with UPI Lite on Google Pay

Make payments of up to ₹500 INR without the use of a UPI PIN on the Google Pay app.
No fees.
No KYC required.
Maximum balance is ₹2,000 INR. You can spend up to a total of ₹4,000 INR within 24 hours.
No charges for money transfer and account closing.

[TheUltraElite]

Paytm UPI was the best option for me and now I'm using Bhim which is much more complicated. Paytm had its own bank and it was easy to add and withdraw money which is not offered by other UPI alternatives.

BHIM app is good but is overfeatured and is often clanky to use. In that sense, GPay and Phonepe has better interfaces and I use GPay almost regularly to make payments hoping for some good cashbacks. They used to give away few single digit INR value cashbacks directly back in 2020 but they dont anymore.

Still I keep getting hopeful I will get some one fine day.

As far as Paytm is concerned, I can see them selling off to someone else and moving on.

[erikalui]

Paytm UPI was the best option for me and now I'm using Bhim which is much more complicated. Paytm had its own bank and it was easy to add and withdraw money which is not offered by other UPI alternatives.

BHIM app is good but is overfeatured and is often clanky to use. In that sense, GPay and Phonepe has better interfaces and I use GPay almost regularly to make payments hoping for some good cashbacks. They used to give away few single digit INR value cashbacks directly back in 2020 but they dont anymore.

Still I keep getting hopeful I will get some one fine day.

As far as Paytm is concerned, I can see them selling off to someone else and moving on.

I use Gpay but often face issues loading the app which takes a while compared to Paytm. Actually, Paytm bank was the only bank account I used to pay via gpay, Paytm UPI, Bhim, Amazon etc. Now I need to use my savings bank account which is not something I like to do. Airtel Payments bank also is not good.

I need an alternative to the bank that can be created via KYC with no minimum balance and easy to pay, load and withdraw anytime. Else, UPI apps are many.

People say mobikwik is good but I always get an error completing KYC.

[Bitcoin Smith]

I need an alternative to the bank that can be created via KYC with no minimum balance and easy to pay, load and withdraw anytime. Else, UPI apps are many.

People say mobikwik is good but I always get an error completing KYC.

As I said UPI lite is an option but if you need higher limits then you can try Amazon Pay that I have been using for very long time but only for making online purchases not UPI payments but whenever I tried it worked fine but it has its limitations since its considered as bank not wallet you can add upto 10K per month.

If you need higher limits then banks are the only choice, IDFC, Kotak and many private banks offering instant account opening after submission of KYC but the minimum balance you need to maintain will be 10K.

[erikalui]

I need an alternative to the bank that can be created via KYC with no minimum balance and easy to pay, load and withdraw anytime. Else, UPI apps are many.

People say mobikwik is good but I always get an error completing KYC.

As I said UPI lite is an option but if you need higher limits then you can try Amazon Pay that I have been using for very long time but only for making online purchases not UPI payments but whenever I tried it worked fine but it has its limitations since its considered as bank not wallet you can add upto 10K per month.

If you need higher limits then banks are the only choice, IDFC, Kotak and many private banks offering instant account opening after submission of KYC but the minimum balance you need to maintain will be 10K.

UPI lite is good but the limit makes it not so useful. Amazon Pay doesn't work with many merchants as the ones near me use gpay or bhim. The banks require me to open a savings account after a year using their digital savings account.

I hope an alternative is found soon else will need to switch back to debit cards