RBI Rolls Out Key Updates For Paytm UPI Handles: Here's What You Need To Know

The Reserve Bank of India (RBI) has announced significant steps for Paytm’s UPI customers. As of March 15, 2024, Paytm Payments Bank will no longer be able to receive new deposits in customer accounts and wallets. This decision impacts those using the “@paytm” UPI handle.

Here’s everything you need to know based on RBI’s latest press release concerning Paytm users:

1. Ceasing Credits in Paytm Accounts: From March 15, 2024, Paytm Payments Bank will not accept new deposits in customer accounts and wallets.
2. Role Change for One97 Communications Ltd (OCL): The RBI has asked NPCI to consider allowing One97 Communications to operate as a Third-Party Application Provider for UPI, to maintain the Paytm app’s UPI functionality.
3. Migration of @paytm UPI Handles: If approved, @paytm UPI handles will be transferred from Paytm Payments Bank to other banks, ensuring uninterrupted service.
4. Setting Up Alternative Banking Arrangements: Customers with accounts or wallets in Paytm Payments Bank, as well as users of Paytm-issued FASTag and National Common Mobility Cards, should switch to other banks before March 15, 2024.
5. Protective Measures by RBI: The RBI is taking these steps to protect customers and the payment system, independently of other regulatory actions against Paytm Payments Bank.

Read next: If You Invested ₹10,000 In Jio When It Kept Hitting Lower Circuits, Here’s How Much You’d Have Today