Ride hailing company Uber Technologies announced an update for their users using Paytm Wallet as a payment mode. Uber suggested that its users either upgrade their Paytm wallet before March 15^th or switch to a different payment method.

Further the company stated that till March 15, users can continue using their Paytm Wallet balance for payment of the Uber ride. Also, Amazon Pay, Uber Cash, UPI, credit or debit cards and physical cash have been made available to users by the company.

 This announcement comes after Vijay Shekar Sharma, the Founder and Chief Owner of Paytm Payments Bank resigned from his seat earlier this week.

Also, the company said it was reconstituting the board of directors at the Paytm Payments Bank, an associate of Paytm, with the appointment of ex-Central Bank of India Chairman Srinivasan Sridhar, retired IAS officer Debendranath Sarangi, former executive director of Bank of Baroda Ashok Kumar Garg, and Retd. IAS Rajni Sekhri Sibal shall act as Independent Directors.

Sharma acquires 51 percent of Paytm Payments Bank, meanwhile One 97 Communications, as Paytm is formally known, owns the remaining part.

This seems as a result that the Reserve Bank of India banned Paytm Payments Bank Ltd PPBL from carrying out any banking activities after March 15.

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