Paytm, one of the leading fintech giant, recently announced a major update regarding inactive wallets accounts. Starting July 20, 2024, all Paytm wallets with zero balance and no transactions for over a year will be closed.
"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. Communication will be sent to all impacted users and users will be given 30 days' notice period, before closing their wallet," the company said in a notice on its website.
Screengrab of the notice |
Why is Paytm Closing Inactive Wallets?
Paytm Payments Bank Limited (PPBL) has decided to streamline its operations in compliance with regulatory guidelines. The Reserve Bank of India (RBI) mandated that Paytm cannot accept new deposits or authorise credit transactions after March 15, 2024.
Starting July 20, 2024, all Paytm wallets with zero balance and no transactions for over a year will be closed. | Representative Image
What You Need to Do
To prevent your wallet from being closed, you can take the following steps:
Activate Your Wallet - If you have received a notification or suspect your wallet might be inactive, open the Paytm app and go to the PPBL section. Look for an 'Inactive Wallet' message and follow the prompts to reactivate.
Perform Any Transaction: Even a nominal transaction, such as a balance inquiry or using net banking services, can keep your wallet active.
Steps for Reactivation
- If you find your wallet marked as inactive:
- Open the Paytm app.
- Go to the Wallet section under PPBL.
- Look for the 'Activate Wallet' option and follow the instructions provided.
