Your Paytm Wallet Can Shutdown On July 20: Find Out Why?


Radhika Kajarekar

Radhika Kajarekar

Jun 25, 2024


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.

Your Paytm Wallet Can Shutdown On July 20: Find Out Why?

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 Transactions Will be Closed

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.

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.

Despite the RBI regulation, existing balances can still be withdrawn without any limitations.

This order has no bearing on the security of any current amounts kept in the wallets or accounts.

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.

Customers Must Use Wallets To Prevent Automated Wallet Closure

PPBL stressed that in order to prevent automated wallet closure, customers must continue to use their wallets.

In order to preserve the integrity and functionality of digital wallets within the financial system, the directive complies with RBI requirements.

This action is a component of larger regulatory initiatives aimed at streamlining digital financial services and guaranteeing adherence to banking regulations.

Paytm Can Fire Upto 6500 Employees To Save Rs 500 Crore

Paytm’s 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.

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’ broader strategy to reduce employee costs by ₹400-500 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 ₹3,124 crore in FY24, making workforce reduction a critical measure for cost control.


Radhika Kajarekar
Radhika Kajarekar
  • 772 Posts

Subscribe Now!

Get latest news and views related to startups, tech and business

You Might Also Like

Business
Dec. 8, 2022

Beat The Burden Of Medical Inflation With A Health Insurance

As disease rates rise and medical technology develops, treatment costs climb. It’s essential to understand that medical costs are not exclusively associated with hospitals. The cost of prescription drugs, diagnostic procedures, ambulance and operating room fees, consultations with doctors, and other costs are also constantly increasing. All of them could put a big strain on […]

Business
Dec. 8, 2022

3 Biggest Changes Of iOS 16.2 Update That Every iPhone User Should Know!

In its latest update Apple said that it is preparing for the iOS 16.2 update for iPhones across the world. Notably, like the previous release, there are a couple of changes coming for the iPhones.  iOS 16.2 Update Release Date So far, Apple has not announced a release date for iOS 16.2 update. Reportedly, the […]

Business
Dec. 8, 2022

300 Microsoft Employees Create Employee Union, First Time Ever: This Is How Microsoft Reacted

Around 300 workers at Microsoft Corp.’s ZeniMax Studios have commenced the process of forming a union which is said to be the first at the software giant in the US.  Here, Microsoft Corp.’s ZeniMax Studios known for popular video games including Skyrim and Fallout. Forming Union In Microsoft Corp Moreover, the quality assurance employees at […]

Business
Dec. 7, 2022

India Beats China In Air Travel Safety: Ranking Jumps From 102 To 48 In Global Aviation Safety

India’s air safety protocols and executions have improved drastically over the years, as validated by the findings of a specialized agency of the United Nations, the International Civil Aviation Organization or ICAO. The UN watchdog has upgraded India’s ranking in terms of aviation safety to the 48th position, jumping past the rankings of countries like […]

Recent Posts

Related Videos

   

Subscribe Now!

Get latest news and views related to startups, tech and business

who's online