RBI Bans Paytm Payments Bank From Taking On New Customers Latest Update 2022

Last modified: Aug 12, 2022

Paytm Payments Bank onboarding ban: Users can register for UPI on Paytm

RBI directed Paytm Payments Bank Limited to halt its onboarding of new customers after noticing certain material supervisory concerns. RBI also directed the PPBL to also appoint an IT audit firm to conduct a comprehensive System Audit of its IT system however this will not impact any existing customers of payment banks i.e. The Reserve Bank of India (RBI) asked Paytm Payments Bank to stop opening new accounts only.

That means No new customers can join paytm payment bank without specific permission granted by RBI after reviewing IT auditors' reports. The bank is taking immediate steps to comply with RBI directions, including the appointment of a reputed external auditor to conduct a comprehensive System Audit of its IT systems. PPBL remains committed to working with the regulator to address their concerns as quickly as possible.

After this sudden & temporary stoppage on new customers Paytm believes that the measures imposed upon PPBL will not materially impact Paytm’s overall business as RBI's direction does not have an impact on the services that Paytm provides in partnership with other financial services institutions.

According to the RBI, the action followed material supervisory issues at the payments bank. Paytm is yet to comment on the development, but some reports suggest that several reasons including violation of norms related to Know Your Customer (KYC), data storage, data privacy, and outsourcing of data, could be behind the RBI move. The latest ban on the Paytm Payments Bank will not have any impact on the existing Paytm users. They will be able to do their app-related transactions as usual.

What will Impact on existing Paytm Customers after onboarding ban?

The latest onboarding ban on the Paytm Payments Bank will not have any impact on the existing Paytm users.

List of ATMs of Paytm or Paytm Payment Bank : [2022]

ATM Address
NOIDA B 121 B-121, SECTOR 5 NOIDA 201301
VJ Business Tower A-6,VJ Business Tower, Sector 125, Noida
Mamura Sec-66, Noida Gali No. 1, Village- Mamura, Sector 66 Noida, Gautam Budh Nagar, Uttar Pradesh-201301
Kuleshra, Greater Noida Village – Kuleshra, Greater Noida, Gautam Budh Nagar (UP) 201306
Damodar Nagar, Kanpur Plot No.13, W-2,Damodar Nagar Kanpur, Uttar Pradesh-208027
Kuleshra, Greater Noida Khasra no. 325, Village Kulesra, Greater Noida, Near Baba Mohan Ram Hospital, Gautam Budh Nagar, UP-201306
Shyam Nagar Kanpur 60-Rampuram,Shyam Nagar, Kanpur, Uttar Pradesh-208015
Old Shani Bazar, Surajpur Village-Surajpur, Old shani Bazar, Greater Noida,Gautam Budh Nagar, UP-201306
Mohan Mandir Gali, Surajpur Khasra no-328, Village-Surajpur, Mohan Mandir Gali, Greater Noida, Gautam Budh Nagar, UP-201306
Virar Shop No-6, Choudhary Apartment, Near Mathura Dairy, Opp Geeta Apartment, Sahkar Nagar, Virar East , District-Palghar, Maharashtra-401305
Nalasopara Shop No-8, Sai Sangam Apartment, Moregaon Naka, Nalasopara East, District-Palghar, Maharashtra-401209
Nanded Shop No-2, APMC Market, Guruprasad Niwas, Mudkhed, District-Nanded, Maharashtra-431806
Tarapur, Boisar Road, Palghar Shop No.3, Sr. No. 42, Gagangiri Complex, Nr. Bus Stop,Tarapur, Boisar Road, Palghar - 401502
Hadipur Village – Jadabpur, Post- Hadipur, PS- Deganga, 24 Parganas (North), West Bengal- 743424
Nanmuhiya More, Patna Ward No-53, Circle No-68, Holding No- 79/76/70, Sher Shah Road, Nanmuhiya More, Patna, Bihar– 800007
Wadhvana Pati Udgir Nanded Road Shop No-3, Chawan Complexe, Loha Near Buldhna bank, Bus Stand Loha, Nanded-431708
APMC Market Basmat Chepurwar Complexe, APMC Market, Near BOI ATM Basmat, District-Hingoli -431512
Ganga Nagar, Fhursunghi S. No. 215, Shop No-1, At post Ganga Nagar, Near Zende clinic, Fhursunghi, Pune - 412308
Gramin Police Station Bus Stand Road Basmat Shop No, 2, Chepurwar Complexe Opp-Gramin Police Staion Bus Stand Road Basmat, District Hingoli-431512
Gandhi Market, Jwalapur Akash Studio ,77, Gandhi Market, Jwalapur, Haridwar-249407
Malur, Kolar Sai Baba Temple Maruthi Extension Malur, Karnataka-563130
Nakronda Road, Balawala Lane No-2, Sainik colony, Nakronda Road, Balawala, Dehradun-248001
Munjaba Wasti Dhanori S.No. 27/2A/1/24. Shop No. 2, Aai - Vadilacha Ashirwad Building, Munjaba wasti, Nr. Bhima Shankar Tarun Mandal, Dhanori, Pune - 411015
Vankyatesh Nagar Nanded Shop No – 1, Ambika Niwas, Vankyatesh Nagar, Beside Hingoli Gate, Opp. Hotel Anuradha Palace, Bapna Road, Nanded – 431601
JALALKHALI, NADIA, WB VILL+PO- JALALKHALI,PS- KATWALI, DIST- NADIA,WEST BENGAL-741102
KHELAR, NIMAPARA AT-KHELAR,PO-RENCH,PS-NIMAPARA,DIST-PURI,Odisha-752114
LISARI ROAD MEERUT 197,ANJUM PALACE BANQUET HALL,LISARI ROAD, MEERUT, Uttar Pradesh- 250002
Krishna Nagar bagu,Ghaziabad Khasra No. 186, Krishna Nagar, bagu Village, Mawai, Dundahera, Ghaziabad (UP)-201009
SIRSA GREATER NOIDA SHOP NO 1,MAIN DHANKAUR ROAD, NEAR AXIS BANK ATM & OXFORD PUBLIC SCHOOL, SIRSA, GREATER NOIDA (U.P)201310
Ghari Majra, Ghaziabad Khasra No-162/2, Ghari Majra, Chodhary Market, Meerut Road, Ghaziabad, UP-201003
Matrika Vihar, Khoda Colony Shop no-2 Matrika Vihar, Khoda Colony, Ghaziabad, Uttar Pradesh-201001
SAHU CHOWK PUNDAG

KHATA NO-120, PLOT NO-1399/1400, THANA NO-228, PO-PUNDAG, PS-JAGARNATHPUR, DIST-RANCHI, JHARKHAND- 834004

MAKHMANDRO BAZAAR MAKHMANDRO BAZAAR, VILL-MAKHMANDRO, PO-RATU, PS-RATU, DIST-RANCHI, JHARKHAND- 835222
THAKURGAON MAIN CHOWK PLOT NO-1377, GURGAIN THAKURGAON BANK MORE CHOWK, THANA NO-88, MAUZA-GURGAIN PO-GURGAIN, DIST-RANCHI, JHARKHAND-835205
Maner Bazar Patna Maner Bazar , Po + Ps - Maner , Dist - Patna, Bihar-801108
Nandgram, GZB D-10, Near E-block Tempo stand , Nandgram, Ghaziabad, Uttar Pradesh-201003
Ghookna Main market, Jack compound Kh. No. 606, Jack Compound Ghookna more, Ghaziabad, Uttar Pradesh- 201003
NEAR NTPC DADRI VILLAGE RASOOLPUR, NEAR NTPC VIDUT NAGAR, DADRI, GREATER NOIDA, GAUTAM BUDH NAGAR, UTTAR PRADESH- 201008
Balaji Enclave, Govindpuram Ghaziabad Shop No-4, Ground Floor, Vaishno Apartment Gali No-9 ,Balaji Enclave, Govindpuram, Ghaziabad-201001
Rajiv Nagar Khora colony Khasra No 1013, RC- 67, Rajiv Nagar, Adarsh Nagar, Khora, Ghaziabad, Uttar Pradesh-201014
New Ashok Nagar A-459,New Ashok Nagar, Delhi-110096
Habibpur , Greater Noida Village- Habibpur, Post- Kuleshra, Greater Noida, Gautam Budh Nagar, Uttar Pradesh-201306
Prakash Nagar,Gaziabad Gali No-4, Prakash Nagar, Near Ambedkar Gate, Khoda, Gaziabad, Uttar Pradesh-201307
Fafrana road Modi Nagar C-15 Fafrana Road, Modi Nagar, Ghaziabad, UP-201204
Tibra Road, Modi Nagar TIBRA ROAD BHUPANDER PURI,MODINAGAR,Ghaziabad, Uttar Pradesh-201204
Life Line hospital Meerut Near Old Age Home,Opp IImt Lifeline Hospital, IIimt University, Ganganagar,Meerut, Uttar Pradesh-250001
Gurudwara Road Modi nagar H.NO. 51 GURUDWARA ROAD, PALIWAL ATTA CHAKKI, MODINAGAR, UTTAR PRADESH-201204
Maha megha HDFC bank wali gali Village Surajpur, Near HDFC Bank, Maha Medha Gali, Greater Noida, Gautam Budh Nagar, Uttar Pradesh- 201306
Mawana bus stand SHOP NO - 473,NEAR YES BANK ATM, MAWANA BUS STAND MAWANA MEERUT, UTTAR PRADESH- 250401
JEETPUR,RAWLI ROAD,MURAD NAGAR 1490,JEETPUR,RAWLI ROAD,MURADNAGAR, NEAR HANS INTER COLLEGE,U.P-201206
GAUS NAGAR,KARELI,ALLAHABAD 37E/40B/K1 GAUS NAGAR,KARELI,ALLAHABAD, UTTAR PRADESH-211016.
CHANDPUR,BIJNORE SHOP-1, MOHALA SARAI RAI, OPP-GURUDWARA, DHONARA ROAD CHANDPUR,BIJNORE, UTTAR PRADESH- 246725
RAMNAGAR , BAHADURGARH 147/14, RAMNAGAR , BAHADURGARH, HARYANA - 124507
Mandi Samiti Road, Sharanpur Shop no. 124, Mandi Samiti Road, near Pratap Nagar, Laxmi Narayan Mandir, Sharanpur ( UP )-262701
Vikas Nagar, Bahadurgarh 109, Ward No-1, Vikas Nagar, Barahi Road, Line par, Bhadurgarh, Haryana-124507
Chawla Colony,Ballabhgarh C 521, Chawla Colony,Ballabhgarh, Faridabad, Haryana - 121004
Hitech City, Metro Station A, 7, 2, Hitech City Rd, Near Cyber towers, Jaihind Enclave, HITEC City, Hyderabad, Telangana 500081
Subhash Colony, Faridabad Shop no. 5, Subhash colony,Main Road Ballabgarh,Distt:-Faridabad(HRY.)-121004
Gulistanpur Greater Noida Village- Gulistanpur, Greater Noida Gautam Budh Nagar (UP) 201306
Silchar, Assam CHERAGI BAZAR, LATHIMARA, NEAR- ASSAM GRAMIN BANK, KATHIGORAH, CACHAR, SILCHAR-788805, ASSAM
Amloh, Fatehgarh Saheb Punjab Cloth house, Hospital Road, Opp.Gurudwara Saheb, Amloh, District-Fatehgarh saheb, Punjab-147203
Govindpuram, Ghaziabad G-336, Shop no.4, Govindpuram, Ghaziabad-201013
Galgotia University, Gr. Noida Sector 17 A Yamuna Expressway Greater Noida
Jalpura, Greater Noida Village- Jalpura, Greater Noida, Gautam Budh Nagar Uttar Pradesh 201306
Pratap pur, Prayagraj Pratap pur, Handia wari Road, Near B.R.C Office, District Prayagraj, Uttar Pradesh-212405
Near Kidzee school 221/8 MAIN ROAD,JAGRATI VIHAR,MEERUT, UTTAR PRADESH-250004
Opp.Railway station, Sonipat Shop No.1, Opp.Railway station, Sonipat, Haryana-131001
KASAN MANESAR SHOP NO 2, 129, IMT ,KASAN MANESAR GURUGRAM (H.R) 122051
BUDH VIHAR CHHAJARSI NOIDA UPIN Khasra No. 533, Near Shiv Mandir 25 Futa road, Budh vihar Chhajarsi, Sector-63 Noida, Gautam budh nagar
   

 

Is Paytm banned by RBI?

RBI announced that it has banned Paytm Payments Bank from onboarding new customers with immediate effect, citing 'material supervisory concerns' observed at the bank. It has also directed the payments bank arm to appoint an external firm to conduct a comprehensive IT audit.

Is Paytm bank legal?

In June 2018, the Reserve Bank of India barred Paytm Payment Bank from opening new customer accounts, following an audit by the Reserve Bank of India, which made some observations about the process the company follows in acquiring new customers and its adherence to KYC norms.

Is money safe in Paytm?

Money transfers through Wallet Payments or UPI Payments using Paytm guarantee safety. They are not only safe but also quick, convenient, and free of cost.

What has RBI allowed Paytm?

The Reserve Bank of India (RBI) asked Paytm Payments Bank to stop opening new accounts only.

How to get Paytm Payments Bank debit card?

Paytm Payments Bank Debit & ATM Card Every Paytm Payments Bank account holder will be issued a free Digital Debit Card at the time of account opening. Account holders can request for a physical Debit Card through their Paytm App

What is the use of Paytm cashback?

Cashback is Paytm wallet loyalty cashback given by 'Pay with Paytm' payment platform. It can be used to pay for goods & services sold by merchants that accept.


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