Paytm's Founder and CEO, Vijay Shekhar Sharma, assured users that the Paytm app will continue to function beyond February 29, following the Reserve Bank of India's (RBI) recent directions to Paytm's associate bank.
In a tweet, Sharma stated, "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."
The RBI's directive does not impact user deposits in savings accounts, wallets, FASTags, and NCMC accounts, where existing balances can be used without any disruption. Paytm clarified that the recent RBI directives won't affect the operations or customers' investments in Equity, Mutual Funds, or NPS through Paytm Money Ltd (PML).
Additionally, Paytm's other financial services such as loan distribution and insurance distribution are not linked to its associate bank and will continue to operate normally. The offline merchant payment network offerings, including Paytm QR, Paytm Soundbox, and Paytm Card Machine, will continue as usual, allowing the onboarding of new offline merchants. Mobile recharges, subscriptions, and other recurring payments on the Paytm app will also operate smoothly.
Paytm's assurance aims to alleviate concerns and maintain user confidence in the continued functionality of the app and its various services.
(With Agency Inputs)
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