Can You Use Paytm After February 29? Here’s All You Need To Know About RBI’s Restrictions

The RBI's recent directive to shut down Paytm Payments Bank services from March 1, 2024, follows a system audit uncovering prolonged non-compliance and significant supervisory concerns. As of February 29, 2024, all deposit, credit transactions, top-ups, and withdrawals will be barred. Users can continue utilizing the Paytm app and UPI channel without restrictions, while existing balances in various instruments can be accessed until the mentioned date. Paytm's stock plummeted by 40% within two days of the RBI's announcement. Paytm CEO Vijay Shekhar urges users to remain calm, assuring that most services are offered in collaboration with other banks.