17 December 2019:
Paytm has started offering 24×7 Money Transfer by NEFT powered by Paytm Payments Bank. After this move, users can pay up to ₹10 lakhs per transaction instantly from their Paytm App using NEFT.
The Reserve Bank of India (RBI) has made online NEFT transfers around-the-clock process on all days including weekends and holidays, with effect from today.
Corporates and businesses who hold Paytm Payments Bank current account can pay up to ₹50Lacs per transaction 24×7. RBI moves undoubtedly promotes the adoption of digital transactions in India among individuals and corporates. So far IMPS facility allowed 24×7 fund transfers online but it had a limit of ₹2 lakh which has now been increased.
Satish Gupta, Managing Director and Chief Executive Officer, Paytm Payments Bank said, “We welcome RBI’s NEFT mandate. We are well-positioned to leverage this move for growing digital transactions in India. We offer all-important payment methods and are the only platform where users can pay instantly using NEFT, IMPS, UPI, Wallet, and cards. With this increased limit, we are confident that more users will prefer our services for their day to day payments.”
(Source – Paytm)
