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Paytm installations plunge after RBI restrictions

Paytm installations plunge after RBI restrictions

India Blooms news Service | @indiablooms | 23 Feb 2024, 03:06 am

Mumbai: The daily installations of the Paytm app have fallen drastically following regulatory restrictions placed on Paytm Payments Bank (PPBL) by the Reserve Bank of India, media reported.

During the same period, BHIM UPI app downloads saw a 49 percent surge, while Google Pay app installations witnessed a decline of 10.6 percent.

According to data provided by Appfigures, a mobile analytics and intelligence platform in New York, Paytm app downloads dropped by 55 percent, falling from 135,139 on February 1 to 60,627 on February 19,Moneycontrol reported.

BHIM UPI downloads jumped to 331,781 on February 19 from 222,439 on the first day of this month. Google Pay’s daily app downloads dropped to 94,163 from 105,296. PhonePe’s downloads surged to 503,436 on February 7 from 317,522 on February 1 and eased to 163,011 on February 19.

The Reserve Bank of India imposed major business restrictions on Paytm Payments Bank on January 31, including a halt to accepting fresh deposits and credit transactions.

The central bank cited persistent non-compliance and continued material supervisory concerns at Paytm Payments Bank that warranted the action.

In its Frequently Asked Questions (FAQ) released on February 16 regarding Paytm Payments Bank, the RBI stated that the bank has been instructed to permit customers to withdraw or transfer funds to other bank accounts up to the available balance in their account/wallet.

Furthermore, the regulator indicated that Paytm soundboxes and Paytm POS terminals associated with bank accounts or wallets linked to Paytm Payments Bank will only be eligible to receive credits such as refunds, cashbacks, sweep-ins from partner banks, or interest until March 15, 2024.

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