Thursday , April 18 2024

Paytm Payment Bank: Paytm shifted its nodal account to Axis Bank, know what will be the benefit to the customers?

Paytm Payments Bank has signed an agreement with private sector Axis Bank to settle merchants' payments.

The company said it has opened an escrow account and transferred its nodal account to Axis Bank, so that payments to trading partners can be made seamlessly.

Paytm has given this information in the regulatory filing filed with the stock exchange. The company said that parent company One97 Communications has transferred its nodal account to Axis Bank.

One97 Communications said Paytm QR, Soundbox and card machines will continue to work seamlessly for all merchant partners. RBI has said that Paytm QR, Soundbox and card machines will continue to work even after March 15, 2024.

A Paytm spokesperson said, “We are fully dedicated to providing services to our merchant partners in a seamless manner while keeping in mind the regulatory guidelines and compliance.” We would like to assure our users that the Paytm app and our devices Paytm QR, Soundbox and Card Machine will continue to work.

Before this, Reserve Bank of India has given big relief to Paytm Payment Bank. The restrictions imposed by RBI on Paytm from 29 February 2024 have been extended till 15 March 2024. Keeping in mind the interests of consumers and shopkeepers, the Reserve Bank of India has amended its old order and has given some more time to Paytm payment banks to make alternative arrangements.

RBI has also issued FAQs related to Paytm Payment Bank to clear the doubts arising in the minds of Paytm customers.