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HomeNewsBusinessPersonal Finance




PAYTM BANK FIASCO: ARE YOUR INVESTMENTS USING PAYTM MONEY SAFE?


PAYTM MONEY IS ONE OF THE BIGGEST ONLINE PLATFORMS WHERE INVESTORS CAN BUY NOT
JUST MUTUAL FUNDS, BUT ALSO INVEST IN EQUITIES AND THE NATIONAL PENSION SYSTEM
AS WELL.

Hiral Thanawala
February 03, 2024 / 10:36 AM IST

 * 
 * 
 * 
 * 
 * 
 * 


PAYTM | CMP RS 452.8 | PAYTM STOCK GAINED 3.26 PERCENT, RECOVERING FROM A 42
PERCENT FALL THE SCRIP HAS IN THE LAST THREE TRADING SESSIONS, AFTER RBI IMPOSED
RESTRICTIONS ON ITS LENDING BUSINESS. THE STOCK IS STILL DOWN 40 PERCENT FROM
THE LAST 5 SESSIONS.

On January 31, 2024, the RBI imposed restrictions on Paytm Payments Bank Ltd
(PPBL), prohibiting it from accepting fresh deposits and extending credit
services with  effect from February 29. Existing customers will be allowed to
withdraw their money till their balances last, and no end date has been
specified for the same.

ADVERTISEMENT



This decision from the central bank comes after prohibiting PPBL  from
onboarding new customers in March 2022.

Here’s an explainer on how Paytm users will be affected:

What led to this?

RBI had issues with PPBL for non-compliance with know-your-customer (KYC) norms,
non-compliance with KYC norms for accounts older than a year, violation of money
laundering norms, related-party transactions, and keeping more money than
allowed in a payment bank account.

“This is more of a speed bump. We believe in partnership with banks," said Vijay
Shekhar Sharma, Founder and CEO, Paytm in a press conference after the RBI
announcement. ``Two years ago, an embargo was placed onboarding new customers,
so we had already started to work with banks, and we will continue to reduce our
dependence on PPBL.’’

Will RBI’s action impact my investments made through Paytm Money?

Customers of Paytm Money Ltd (PML) are concerned that their investments in
equities, mutual funds, or the National Pension System (NPS) made using the
platform would be impacted. PML is a fintech platform where you can buy MFs and
some other financial instruments.

There will be no impact on the operations of Paytm Money. You can continue
investing, redeeming, and trading through PML, according to a statement issued
by the firm.  “But investors who have set PPBL as their default bank account for
funds transfer while investing will need to change the same before February 29,”
posted Paytm on X. The process to change the bank account will be communicated
by PML. This holds for systematic investment plans (SIPs) as well.

Your investments in equities, bonds, and exchange-traded funds (ETFs) are all
secured in your Central Depository Services Limited (CDSL) demat account, and
transactions relating to them can only be done with your authorisation.
Similarly, your mutual funds are with the mutual fund houses themselves, which
are trusts overlooked by trustees, and managed by asset management companies.
The structure of a mutual fund is such that no one other than an investor can
claim the money. Hence, your investments/redemptions via PML can continue.

Also read: RBI action against Paytm: What would be mutual fund managers’
reaction?

“Funds that are transferred to PML’s trading account are, per SEBI regulations,
transferred to the Indian Clearing Corporation Ltd (ICCL) of BSE, and are thus
lying with the ICCL under your name,” Paytm had posted on the social media
platform X.

Can I continue to buy and sell digital gold through the Paytm app, and access my
gold investments?

Yes, you can continue to buy and sell digital gold using the Paytm app. “This
has no relation to the recent RBI directives on PPBL. Investments in gold
through the Paytm app are safe and protected with MMTC-PAMP,” Paytm had shared
on X. Digital gold is safely stored within MMTC-PAMP's secure and insured vault,
and you can continue to invest and redeem.

After February 29, will my FASTag stop working?

No. You can continue using the existing balance on your Paytm FASTag. “PBBL had
started working with other banks over the last two years and now we will
accelerate. Products like FASTags are already distributed by other banks,” said
Bhavesh Gupta, President and COO, Paytm, during the press conference. You can
top-up the balance on your FASTag from your account with partner banks. Some of
the banks issuing the FASTag on the Paytm app are IDFC First Bank, ICICI Bank,
HDFC Bank, Kotak Mahindra Bank, etc.

Will my Paytm national common mobility card be deactivated and stopped working
after February 29?

No, your National Common Mobility Card (NCMC) won’t stop working after February
29.

NCMC is an inter-operable transport card rolled out by the Union Ministry of
Housing and Urban Affairs. Cardholders can use it to pay for their travel on
metros and buses all over India. It can also be used to pay for retail shopping
and online transactions.

You can continue to use the existing balance on your Paytm NCMC card. Paytm has
partnered with other banks for top-up and issuance of the card. “We are working
on ensuring a seamless customer experience and will keep you updated on
partnering with other banks for the NCMC card,” said Gupta during the press
conference.

Will the RBI restrictions impact the Paytm app, or UPI transactions made through
the Paytm app?

No. Users can continue using Paytm and UPI through Paytm without any restriction
as the app is owned by the parent company One97 Communications Limited and not
PPBL.

I am a merchant with a PPBL account. What do I need to do to ensure the
continuity of my day-to-day transactions using POS QR codes and soundbox
devices?

The bank accounts linked to PPBL-powered QR codes at merchant outlets will need
to be changed to that of any other partner bank.   “This will be a large
exercise, the new acquisitions will immediately start in a week or two",
explained Gupta.

Read More
Hiral Thanawala is a personal finance journalist with over 10 years of reporting
experience. Based in Mumbai, he covers financial planning, banking and fintech
segments from personal finance team for Moneycontrol.
Tags: #banking #PayTm #personal finance
first published: Feb 2, 2024 08:48 pm

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