A few days ago, we had reported that Steam WAS NO LONGER ALLOWING FOR PAYMENT THROUGH INDIAN PAYMENT METHODS. It seems that after quite some wait, it has been fixed.
We ourselves successfully tested tested this by transferring INR 320 (Which is the minimum amount) via PayTM. A screenshot from the purchase history can be seen below:
So yeah, it is finally fixed and thankfully, neither was it was not affected by Valve Time which would have been very unfortunate nor did this problem occur during a sale. All is well in the end, and we can go about with our daily lives again.