Paytm will be working after Feb 29 too: Founder

February 02, 2024 10:11

Paytm founder Vijay Shekhar Sharma tweets his reaction to RBI's mandate to the company. "To every Paytmer, Your favourite app is working, will keep working beyond 29 February as usual. I with every Paytm team member salute you for your relentless support. For every challenge, there is a solution and we are sincerely committed to serve our nation in full compliance. India will keep winning global accolades in payment innovation and inclusion in financial services - with PaytmKaro as the biggest champion of it."

The RBI this week asked Paytm Payments Bank to stop opening new accounts amid "material supervisory concerns" observed in the bank.

The restrictions will affect fresh deposits and credit transactions on the platforms. The new rule may also not allow new users from creating an account on the platform. From what RBI's press release on the matter suggests, Paytm wallets of all users will be affected, and so will be Paytm Fastags and mobility cards.

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