Paytm Payments Bank RBI ban: Can you port wallet, FASTags and other key questions answered?

The

Reserve Bank of India

dealt a severe blow to

Paytm

as it imposed several sanctions on Paytm Payments Bank. The apex banking body said that no transactions from

Paytm Payments Bank

will be allowed from February 29, 2024. This has certainly raised quite a few questions in the minds of Paytm users. Here we try to answer some of them:
Can users port their Paytm wallet to any other UPI service?
No, in case you have a Paytm wallet, portability of any sort is not allowed.

Can funds be added to Paytm wallet or Payments Bank account?

Currently, you can but soon you won’t be able to. Top-ups, deposits, or credit transactions are not permitted in any customer accounts, wallets, prepaid instruments, FASTags, NCMC Cards, etc after February 29, 2024.
Will banking services be available at Paytm Payments Bank?
The RBI has made it clear that Paytm Payments Bank will not be allowed to offer banking services to customers after February 29, 2024.
Can users still use the Paytm app for making UPI payments?

Yes, users can continue using the Paytm app and the UPI channel without any restrictions. The Paytm Payments Bank transactions are being barred, not all Paytm transactions.
Is it possible to withdraw or use balances from Paytm wallet or Payments Bank accounts?
Yes, withdrawal or utilisation of balances from Paytm wallet and Payments Bank accounts is allowed without restrictions until February 29, 2024. After this date, beneficiaries can only withdraw or transfer funds from their wallet or account.
What happens to FASTags, transit cards issued by the bank?
The balance in these instruments can be used, withdrawn, or transferred without limitations. However, additional top-ups or credits into these accounts are only permitted until February 29, 2024.
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