FAQs
Paytm Payments Bank announced that inactive wallets with zero balances without transactions in the previous year will be closed. As per Paytm Payments Bank website, “Please note that all wallets which do not have any transactions for the last 1 year or more and have nil balance, shall be closed w.e.f. July 20th, 2024.
Why is my Paytm wallet disabled? ›
CLOSURE OF ZERO BALANCE INACTIVE PAYTM PAYMENTS BANK WALLETS
Dear Bank Customer, Please note that all Paytm Payments Bank Wallets that have not had any transactions for last 5 years or more and have nil balance, shall be closed w.e.f. February 10 2024.
How to reopen a closed Paytm account? ›
Dormant client simply has to go to the Paytm Money app and open stocks section. The client will be shown a 'Complete ReKYC' button on the stocks home page. On pressing the button, the user will have to simply give a Live photo and e-sign and the account will be reactivated.
Why is my Paytm wallet suspended? ›
For your safety and security, Paytm may temporarily block your account upon noticing any suspicious transactions or activity, or if your transactions are not as per the Terms and Conditions listed on our website. If your account has been locked, please contact us at cybercell@paytmmoney.com for resolution.
How do I reactivate my Paytm wallet? ›
What to do if your account has gone dormant?
- Click on Reactivate Account button below.
- Verify and give consent on personal details.
- Complete Video capture.
- Wait for 10-30 minutes as details get verified.
- Finish with OTP-based E-sign.
The central bank later directed Paytm to cease its mobile wallet business, citing persistent non-compliance and supervisory concerns. The RBI's technical audit revealed problematic money and data flows between Paytm Payments Bank and the broader Paytm ecosystem, leading to accounting and supervisory issues.
Why am I not able to open Paytm wallet? ›
The minimum KYC allows you limited access to the wallet and requires you to provide certain information to activate it, while the full KYC enables you to use all of the wallet's features. Without completing at least the minimum KYC, you will not be able to activate the Paytm wallet.
Why was Paytm wallet banned? ›
On January 31 2024, the Reserve Bank of India (RBI) barred Paytm Payments Bank Limited (PPBL) from accepting deposits or top-ups in any customer account, prepaid instruments, wallets, FASTags and NCMC card after February 29, 2024, due to ongoing non-compliance and material supervisory concerns.
Why my Paytm account is deactivated? ›
The most common causes for account disablement include security concerns, violation of Paytm's terms and policies, and non-compliance with regulatory requirements. If you find your Paytm account disabled, it's essential to contact Paytm's customer support to understand the specific reasons for the action taken.
How can I activate my blocked Paytm account? ›
Here are some tips to help you get your Paytm account unblocked as quickly as possible:
- Submit all of your documents as soon as possible.
- Be clear and concise in your communications with Paytm customer support.
- Be patient. It may take some time for Paytm to review your documents and assess the suspicious activity.
All customer related queries for this Offer can be addressed to paytm.com/care or + 91- 120-3062244.
How can I unfreeze my Paytm account? ›
If your Paytm debit account is frozen, and you've already contacted customer care without resolution, here are steps you can take to address the issue: Contact Customer Support Again:Reach out to Paytm customer support again. Clearly explain the situation, including the steps you've taken and the issue you're facing.
Is Paytm wallet getting closed? ›
Paytm Payments Bank has announced that inactive wallets with NIL balances without transactions in the previous year or longer will be closed on July 20th, 2024.
Is Paytm wallet disabled? ›
Yes, you can continue to use, withdraw or transfer to another wallet or bank account until balance is available in the wallet. Please note you will not be able to make any deposits in same after March 15, 2024, however all refunds and cashback can still be credited to your wallet.
What to do when Paytm wallet is currently unavailable? ›
First search the reason why your paytm wallet is unable if you have done something wrong then it may hide for some reason. Do this update your mobile software and do rest the app setting. If this 3 step can't help you then chat with paytm customer service…
Why did Paytm remove the wallet? ›
There seems to be some confusion. It's their Payments Bank facing restrictions, not user accounts. The Reserve Bank of India (RBI), found some issues with how Paytm Payments Bank handled things and said they can't take new deposits or offer credit services anymore.
Is Paytm wallet blocked in India? ›
RBI banned Paytm Payments Bank from new customers and deposits. Deadlines extended to clarify usage of wallets, Fastags and accounts. Limitations on bank services post-March 15, 2024, with certain exceptions. Users can utilize available balances, but restrictions apply on credit and deposit services.
What happened to Paytm in 2024? ›
Paytm Payments Bank has announced that inactive wallets with NIL balances without transactions in the previous year or longer will be closed on July 20th, 2024.
Why can't i pay with my Paytm wallet? ›
There are KYC based restrictions on Paytm wallet which determines the benefits that you can avail while using Paytm wallet. These benefits are based on whether you have a minimum KYC or a full KYC wallet.
