Paytm Payment Bank Close: Paytm founder Vijay Shekhar Sharma, allaying the concerns of users after the action of the Reserve Bank of India (RBI), said that the app will continue to work even after February 29. Vijay Shekhar Sharma said on X (formerly Twitter), ‘For every Paytmer, your favorite app is working and will continue to work as usual after February 29.
I along with every member of the Paytm team salute you for your tireless support. There is a solution to every challenge and we are sincerely committed to serve our nation in full compliance.
Expressing confidence in India’s continued progress in the digital finance sector, he said, ‘India will continue to receive global praise in payments innovation and inclusion in financial services – PaytmKaro will be its biggest champion.’ Let us tell you that RBI has issued a notice on January 31, stopping Paytm Payments Bank from providing banking services after February 29.
Agreement will be made with some other bank
The central bank cited compliance issues but did not disclose the reason for taking strict punitive action against Paytm. At the same time, the company has assured the users that all the services related to Paytm Payments Bank will be provided by some other bank. Thus, he has said that Paytm services will not be disrupted from March 1.
Paytm said, ‘From now on, will work only with other banks, not with Paytm Payments Bank. We are overwhelmed with the support we have received from the big banks of the country.
