{"id":1282795,"date":"2024-06-25T08:49:32","date_gmt":"2024-06-25T03:19:32","guid":{"rendered":"https:\/\/trak.in\/stories\/?p=1282795"},"modified":"2024-06-25T08:49:52","modified_gmt":"2024-06-25T03:19:52","slug":"your-paytm-wallet-can-shutdown-on-july-20-find-out-why","status":"publish","type":"post","link":"https:\/\/trak.in\/stories\/your-paytm-wallet-can-shutdown-on-july-20-find-out-why\/","title":{"rendered":"Your Paytm Wallet Can Shutdown On July 20: Find Out Why?"},"content":{"rendered":"\n

On July 20, 2024, Paytm Payments Bank Limited (PPBL) stated that wallets with no balance<\/a> and no transactions for more than a year would be closed.<\/p>\n\n\n\n

\"Your<\/figure>\n\n\n\n

According to PPBL’s website, users with dormant Paytm Wallets will be notified and given a 30-day warning period prior to the closure.<\/p>\n\n\n\n

Paytm Accounts With Zero Balance and No Transactions Will be Closed<\/strong><\/p>\n\n\n\n

With effect from July 20, 2024, the closure is applicable to wallets that have had no transactions for a year or more and have no balance.<\/p>\n\n\n\n

The Reserve Bank of India (RBI) ordered in March that after March 15, 2024, PPBL will not be able to approve credit transactions or take in new deposits.<\/p>\n\n\n\n

Despite the RBI regulation, existing balances can still be withdrawn without any limitations.<\/p>\n\n\n\n

This order has no bearing on the security of any current amounts kept in the wallets or accounts.<\/p>\n\n\n\n

Customers have been warned by banks to either activate or close dormant wallets and accounts; if they don’t, they will automatically close by the deadlines.<\/p>\n\n\n\n

Customers Must Use Wallets To Prevent Automated Wallet Closure<\/strong><\/p>\n\n\n\n

PPBL stressed that in order to prevent automated wallet closure, customers must continue to use their wallets.<\/p>\n\n\n\n

In order to preserve the integrity and functionality of digital wallets within the financial system, the directive complies with RBI requirements.<\/p>\n\n\n\n

This action is a component of larger regulatory initiatives aimed at streamlining digital financial services and guaranteeing adherence to banking regulations.<\/p>\n\n\n\n

Paytm Can Fire Upto 6500 Employees To Save Rs 500 Crore<\/strong><\/p>\n\n\n\n

Paytm\u2019s parent company, One97 Communications, is reportedly planning substantial layoffs, aiming to cut 5,000-6,300 jobs to manage costs better. This move comes as the company grapples with financial and regulatory challenges that have significantly impacted its revenue and profitability.<\/p>\n\n\n\n

The layoffs, accounting for 15-20% of the workforce, could result in a reduction of 5,000-6,300 employees. This step is part of One97 Communications\u2019 broader strategy to reduce employee costs by \u20b9400-500 crore in the current fiscal year. In FY23, the company had an average of 32,798 employees on payroll, with 29,503 actively working. The total employee costs rose by 34% year-on-year to \u20b93,124 crore in FY24, making workforce reduction a critical measure for cost control.<\/p>\n","protected":false},"excerpt":{"rendered":"

On July 20, 2024, Paytm Payments Bank Limited (PPBL) stated that wallets with no balance and no transactions for more than a year would be closed. According to PPBL’s website, users with dormant Paytm Wallets will be notified and given a 30-day warning period prior to the closure. Paytm Accounts With Zero Balance and No […]<\/p>\n","protected":false},"author":25,"featured_media":1282802,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[765,4563],"class_list":["post-1282795","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-paytm","tag-paytm-wallet"],"acf":[],"yoast_head":"\nYour Paytm Wallet Can Shutdown On July 20: Find Out Why? - Trak.in - Indian Business of Tech, Mobile & Startups<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/trak.in\/stories\/your-paytm-wallet-can-shutdown-on-july-20-find-out-why\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Your Paytm Wallet Can Shutdown On July 20: Find Out Why? - Trak.in - Indian Business of Tech, Mobile & Startups\" \/>\n<meta property=\"og:description\" content=\"On July 20, 2024, Paytm Payments Bank Limited (PPBL) stated that wallets with no balance and no transactions for more than a year would be closed. 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