Paytm will start deleting inactive wallet accounts from July 20, 2024. The company has issued an official notification on its website. The change also applies to users with full KYC. Here are the details.
Paytm Announces Closure of Inactive Wallet Accounts
Paytm Payments Bank was the most popular digital payments bank in India until the start of this year. In February 2024, the Reserve Bank of India imposed multiple sanctions on Paytm Payments Bank for failing to comply with regulatory guidelines. Paytm eventually had to shut down its Payments Bank in April 2024.
Since then, Paytm has been constantly working to comply with all regulations and guidelines of the RBI and NPCI. As a result, Paytm has announced that it will delete all inactive wallet accounts with no activity in the last 12 months. This only affects users with an NIL balance.
As per RBI’s guidelines, the company has issued this notice 30 days before implementing the change. Paytm will also notify users impacted by this policy via SMS, email, and other means of communication.
Users are not required to take any additional steps from their end. If you already have some balance in your Paytm wallet, you do not have to worry. Such users will not be affected by this new account closure process. Users can utilize their existing wallet balance without any time restrictions, as per RBI.
In related news, Paytm has assigned a new board of directors to stabilise its business operations. Vijay Shekhar Sharma, Founder and CEO of Paytm, mentions that Paytm is committed to complying with all laws and regulations of the Indian Government. Paytm has also partnered with Axis Bank, HDFC Bank, SBI, and Yes Bank to keep its UPI services active for all users.
