Paytm says can still onboard customers for UPI - Times of India

Paytm says can still onboard customers for UPI – Times of India


MUMBAI: Paytm Payments Bank (PPB) has provided some more clarity on the impact of the ban imposed by the Reserve Bank of India on Friday on onboarding of new customers. The digital bank said that while the customers can still register for UPI on the app, users can not, until further notice, sign up for new PPB wallets or savings or current accounts.
In a note addressed to all customers, the PPB assured them that all accounts are functional and all deposits safe.
“As you may know, the Reserve Bank of India (RBI) has directed us to temporarily halt onboarding of new customers with immediate effect, via a letter dated March 11, 2022,we are taking immediate steps to comply with the directions. The PPBL remains committed to working with the regulator to address their concerns as quickly as possible. We shall notify when we recommence the opening of new accounts after obtaining RBI approval,” the bank said.
The PPBL’s existing customers can continue to avail seamless banking and digital-payment services without interruption. The savings of existing users in their PPBL account, their fixed deposits with partnered banks and the balance maintained in their Paytm Wallet, FASTag or Wallet Card and UPI services are also safe and functional. “Any new users coming to the Paytm app can create Paytm UPI handles, and link them to their existing PPBL account or to other bank accounts,” the bank said.


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