<\/span><\/h2>\nOn January 31, the Reserve Bank of India (RBI) cracked down on Paytm Payments Bank for noncompliance and uncertainty engulfed large and small businesses in Delhi, Mumbai, Bengaluru, and elsewhere.<\/span><\/p>\nThe Paytm platform is being ported at no cost to its competitors, such as PhonePe and Google Pay. Several merchants have been contacted and deposits have been transferred.<\/span><\/p>\nPayments through Paytm are faster and safer when linked bank accounts are switched, ensuring the safety of the money. The RBI has barred Paytm Payments Bank from offering any banking services including deposits or payments, beginning on February 29. As merchants seek to switch, PhonePe reports an increase in QRs and SmartSpeaker requests. Users and merchants continue to be supported by Google Pay without incentives. As part of the process of migrating about 40 million merchants, Paytm’s COO mentions plans to change banks.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"After the budget 2024 Paytm payment bank is in the spotlight. Many Paytm users are moving their accounts to their rivals. Due to material discrepancies and non-compliance issues, Reserve Bank India imposed severe restrictions on Paytm’s banking associates. Following the safeguard of depositors, the central bank may scrap the bank’s license next month. A proposed […]<\/p>\n","protected":false},"author":4,"featured_media":14768,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2],"tags":[2604,2601,2603,2606,2600,2605,2602,2599],"acf":[],"yoast_head":"\n
Why Paytm Payments Bank is on the central bank's radar<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n\t \n\t \n\t \n","yoast_head_json":{"title":"Why Paytm Payments Bank is on the central bank's radar","description":"Discover the latest news and solutions related by Paytm Payments Bank, transforming the landscape of digital banking.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/checkithow.com\/why-paytm-payments-bank-is-on-the-central-banks-radar\/","og_locale":"en_US","og_type":"article","og_title":"Why Paytm Payments Bank is on the central bank's radar","og_description":"Discover the latest news and solutions related by Paytm Payments Bank, transforming the landscape of digital banking.","og_url":"https:\/\/checkithow.com\/why-paytm-payments-bank-is-on-the-central-banks-radar\/","og_site_name":"Check it How","article_published_time":"2024-02-04T10:51:15+00:00","article_modified_time":"2024-02-06T03:53:29+00:00","og_image":[{"width":1200,"height":900,"url":"https:\/\/checkithow.com\/wp-content\/uploads\/2024\/02\/Paytm-Payments-Bank-2.jpg","type":"image\/jpeg"}],"author":"Yashi Vijay Vargiya","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Yashi Vijay Vargiya","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/checkithow.com\/why-paytm-payments-bank-is-on-the-central-banks-radar\/","url":"https:\/\/checkithow.com\/why-paytm-payments-bank-is-on-the-central-banks-radar\/","name":"Why Paytm Payments Bank is on the central bank's radar","isPartOf":{"@id":"https:\/\/checkithow.com\/#website"},"datePublished":"2024-02-04T10:51:15+00:00","dateModified":"2024-02-06T03:53:29+00:00","author":{"@id":"https:\/\/checkithow.com\/#\/schema\/person\/2941a4e4f922529f72fc97b0be4b8b6b"},"description":"Discover the latest news and solutions related by Paytm Payments Bank, transforming the landscape of digital banking.","breadcrumb":{"@id":"https:\/\/checkithow.com\/why-paytm-payments-bank-is-on-the-central-banks-radar\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/checkithow.com\/why-paytm-payments-bank-is-on-the-central-banks-radar\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/checkithow.com\/why-paytm-payments-bank-is-on-the-central-banks-radar\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/checkithow.com\/"},{"@type":"ListItem","position":2,"name":"Why Paytm Payments Bank is on the central bank’s radar"}]},{"@type":"WebSite","@id":"https:\/\/checkithow.com\/#website","url":"https:\/\/checkithow.com\/","name":"Check it How","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/checkithow.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/checkithow.com\/#\/schema\/person\/2941a4e4f922529f72fc97b0be4b8b6b","name":"Yashi Vijay Vargiya","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/checkithow.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/a24760c8f07b8ebecc317570ff0a2fe9?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/a24760c8f07b8ebecc317570ff0a2fe9?s=96&d=mm&r=g","caption":"Yashi Vijay Vargiya"},"description":"Hello, I am Yashi vijay vargiya, I am working as a content writer for the past 4 years. 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