Reserve Bank of India (RBI) has taken huge action against Paytm Payments Bank Ltd. (PPBL), a subsidiary of one of India’s largest payment firms, Paytm, due to persistent non-compliance and significant supervisory concerns.
This action will come into effect from 29th February, 2024.
Reserve Bank of India decision was announce on 1st February, 2024, and it mandates that PPBL must stop accepting new deposits and halt all credit transactions.
This includes the use of popular wallets, FASTags, National Common Mobility Cards (NCMC), and many other prepaid devices.
Reserve Bank of India has prohibited fund transfers through Paytm, including those made via the Unified Payments Interface (UPI).
How to Close Paytm Payments Bank Account?
Before you begin to close your Paytm Payments Bank Account, you must note :
- Ensure zero balance: Make sure you have no remaining balance in your account. You can either spend it, transfer it to another bank account, or transfer it to another Paytm user.
- Gather documents: Keep your register mobile number and any ID proof (PAN card, Aadhaar card, etc.) ready.
Follow These Steps
- Log in to your Paytm account using your phone number.
- When you’re logged in, click on the “☰” icon at the top left corner of the home screen.
- Go to the ‘24×7 Help’ section.
- Proceed to ‘Profile Settings‘.
- Select the option ‘I need to close/delete my account‘.
NOTE :
- If you’re unable to access your register mobile number, you can block your account by selecting “I am unable to access my Account” and then “I need to block my account.” Submit proof of account ownership to proceed.
- When your account is closed, you’ll receive a confirmation message and your Paytm wallet balance will be transfer to your link bank account within 7 working days.
- Also, closing your Paytm Payments Bank account will also deactivate your Paytm wallet if it’s link to the same number.
