Recently, the Reserve Bank of India (RBI) has taken action against Paytm Payments Bank, owned by One 97 Communications. The RBI has put sanctions on the bank due to regulatory worries. This crackdown might also impact India's crypto market, as Paytm is widely used for buying cryptocurrencies.
Although Paytm doesn't let you invest directly in crypto, you can still use it to pay on approved crypto exchanges in India. But the recent crackdown on Paytm Payments Bank might make buying crypto harder. After February 29, people won't be able to add money to their bank accounts, so they'll have to rely on whatever balance they have if they want to invest in crypto.
Crypto users may need to look into alternative banking services to overcome the deposit limits at Paytm Bank. Additionally, they'll need to think about factors like whether the bank works well with their chosen crypto exchanges, how dependable it is, and any fees involved. This could be challenging for those who have been using Paytm Payments Bank for their crypto dealings.
