Why will some Paytm wallets be closed from July 20?

Paytm has said that some of its wallets will be closed from July 20. "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," it said. "Communication will be sent to all impacted users...before closing their wallet," it added.