Paytm Will Shift All Its Nodal Accounts to Axis Bank

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Paytm Payments Bank Update
Paytm Payments Bank Update

After the ban by the Reserve Bank of India, the nodal accounts of Paytm Payments Bank will be transferred to Axis Bank. This information has been given by Paytm founder Vijay Sheikh Sharma. He told that to continue merchant settlement, his company One97 Communication Limited (OCL) will transfer all its nodal accounts by opening an escrow account in Axis Bank.

Nodal accounts will be shifted to Axis Bank

In a statement issued by One 97 Communications Limited, the company said that in order to continue seamless merchant settlements, all the nodal accounts of Paytm Payments Bank will be shifted by opening escrow accounts in Axis Bank.

The company says that its subsidiary Paytm Payment Services Limited has been using the services of Axis Bank since its inception. In such a situation, it is expected that this arrangement will be helpful in easily replacing the accounts of Paytm Payments Bank.

RBI extended the deadline

In view of the problems being faced by Paytm users, RBI on Friday has extended the deadline for ban on the facilities of Paytm Payments Bank. Instead of February 29, the ban will now be imposed from March 15.

RBI had said in its order on January 31 that deposit transactions on Paytm Payments Bank accounts, prepaid instruments, wallets, Fastag and National Common Mobility Card will be banned. However, withdrawals will continue as long as the balance remains.

No ban on Paytm QR, Soundbox

There is confusion among the users after the strictness of RBI on Paytm. The company says that even after March 15, Paytm QR, Soundbox and card machines will continue to work as before. There is no restriction of any kind on these services.

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