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Simply put
- Paytm Payments Bank to close non-active wallets from July 20
- Users informed with 30-day notification before wallet closure
- Existing balances can be withdrawn without limitations post regulation
Paytm Payments Bank Limited (PPBL) has actually revealed that wallets with no balance and no deals for over a year will be closed on July 20, 2024.
According to their site, users of these non-active Paytm Wallets will get interaction and a 30-day notification duration before the closure.
“Please note that all wallets which do not have any deals for the last 1 year or more and have nil balance, will be closed w.e.f. July 20th, 2024,” stated PPBL in a notification on its site.
In March, the Reserve Bank of India (RBI) mandated that PPBL can decline brand-new deposits or license credit deals after March 15, 2024.
Existing balances can still be withdrawn without any constraints.
This regulation does not impact the security of existing balances kept in the accounts or wallets.
Banks have actually been encouraging customers to either trigger or close non-active accounts and wallets. Failure to do so will lead to automated closure by the defined dates.
Kayleigh Rogahn
Ryleigh Mante
Kole Prosacco