RBI Can Start Migrating Paytm Users, Merchants To Other Banks; Will Paytm Payments Bank Shut Down?


Mohul Ghosh

Mohul Ghosh

Feb 09, 2024


The Reserve Bank of India plans issuing clarifications next week regarding merchant and consumer account migration from Paytm after ordering sweeping restrictions on its payments bank. FAQs intend addressing operational transition issues like QR code transfers, given abrupt disabling triggering uncertainty.

RBI Can Start Migrating Paytm Users, Merchants To Other Banks; Will Paytm Payments Bank Shut Down?

RBI governor Shaktikanta Das underlined proportional interventions are last resorts for systemic stability after constructive engagement efforts fail. Hence guidancedocumentation will steer coordinated switches to bank alternatives avoiding disruptions across payment rails and wallets.

Meetings Finalizing Transition Protocols

Ahead of the FAQ release, RBI meets with authorities like NHAI governing FASTag rollouts or NPCI overseeing UPI this week outlining rulebooks for seamless customer experience despite disabling at short notice.

Paytm earlier indicated it would assist data portability to new banking partnersfor 300 million+ users, but additional policy guardrails provide transparency easing anxieties. However, analysts argue the shakeup dents partner trust despite RBI emphasizing depositors’ interests can’t be compromised.


Mohul Ghosh
Mohul Ghosh
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