Currently, there is an issue in Paytm regarding adding a bank account. In this content, we will learn how to fix this problem and why this issue is occurring.
What Problem is Paytm User Facing?
Currently, there is an issue on Paytm when trying to link a bank account, with an error message saying, ‘We are unable to link bank account right now.’ Below are some important points to help fix this issue. Also, there’s a video related to this problem that you can watch. If you want to fully understand this issue or how to fix it, check out the YouTube video below where everything is explained.
This issue is only affecting new Paytm users. Existing users are not facing this problem and can still link or remove their bank accounts. If you have recently created a new Paytm account or deleted your old one, you might be experiencing this issue.
RBI’s action on the Paytm app?
Recently, the RBI exercised its powers under Section 35A of the Banking Regulation Act, 1949, and imposed certain restrictions on Paytm Payments Bank through press releases dated February 16, 2024. The RBI prohibited Paytm Payments Bank from allowing customers and wallet holders to use its banking services. Additionally, restrictions were placed on adding new customers to Paytm Payments Bank. The RBI froze all Paytm Payments Bank accounts, preventing users from adding money, though they can still withdraw existing funds. Moreover, UPI services through Paytm Payments Bank were restricted, and further limitations were placed on services like Fastag and Paytm Wallet usage.
Why is a bank account linked in Paytm?
Paytm is a UPI (Unified Payments Interface) app through which you can make digital payments, such as sending money to someone else’s account or receiving it into your own account. You can also use services like mobile recharge, Fastag recharge, and paying electricity bills—all from the comfort of your home using your bank account. You need to link your bank account with Paytm to use these services. When you link a bank account, a unique UPI ID is created, which is linked to your bank account. This gives you access to your bank through the Paytm app.
Whenever you make a digital payment, the money is deducted from your bank account, and if someone sends money to your Paytm-registered mobile number, the funds are credited to your bank account. To make digital payments, you need to set up a PIN, and for that, you’ll need your bank’s debit card (ATM). You can add any bank to Paytm as long as your mobile number is linked to the bank account, and in most cases, you don’t need a debit card to link the account. The debit card is only required when you’re setting up the PIN for the first time, and once the PIN is created, you can make payments using the PIN alone.
Note that your data remains secure as long as you do not share your debit card details, PIN, or OTP with anyone.
Why can’t you add a bank account in the Paytm app?
You are currently unable to add a bank account on Paytm because the onboarding process is underway, and some improvements are being made on the platform. Please note that existing Paytm users can link their bank accounts, but only new users are experiencing this issue.
Watch This Video For Important Information Related This Issue.
When will the issue of linking a bank account on the Paytm app be resolved?
There is currently no specific timeframe given for resolving the issue of adding a bank account on the Paytm app. However, when I spoke with the Paytm team, they informed me that they are working to fix this problem as quickly as possible. They are making every effort to onboard new users to their app, and some work is still ongoing. Once this issue is resolved, they will notify us. If you want to know more about my conversation with them, you can find a video on the channel where I explain everything discussed with the Paytm team. The video is also visible above.
How to Contact Paytm Costomer Care?
You can contact the Paytm team through their helpline number or via email. However, please note that there may be a waiting time for a response from the Paytm team. Typically, the Paytm team resolves questions or issues within approximately 24 hours. You can also reach out to the Paytm team on Twitter; just search for Paytm Care, and you will see a verified account. You need to send a direct message to that account. Avoid tweeting as it could lead to potential scams, so do not share any of your details with anyone.
- Address: One 97 Communications Ltd,One Skymark, Floor No. 6th to 22nd, Tower-D,Plot No. H-10B, Sector-98, Noida-201304
- Customer Care: 0120-4456-456
- Merchant Care: 0120-4440-440
