The amount deposited in Paytm Payments Bank can be used till February 29. After that its service will stop completely. Let us tell you that last month the Reserve Bank of India (RBI) had banned it. Now in such a situation, the question is coming in people’s mind that what were the reasons due to which Paytm Payments Bank had to face all this. We are going to tell you about this here.
Why Was Paytm Payments Bank Banned?
Paytm Payments Bank has been banned by RBI for many main reasons. It was being used by many people whose account KYC process had not been completed and transactions were being done through them. In such a situation, a situation of wrong activity was being created. Regarding which RBI took this decision.
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Multiple Accounts On One PAN Card
A report said that more than 1000 users were using the same PAN card account in Paytm Payments Bank and the rules were not being followed by them. When RBI and auditors investigated it, many things were found in it which did not match the RBI rules.
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31 Crore Inactive Users Of E-Wallet
Not only this, Paytm Payments currently has more than 35 crore e-wallets and surprisingly, out of these, 31 crore users are not active at all. Whereas it is being used by the remaining 4 crore users. Among these, there are some accounts whose KYC process has not been completed.
