Sure! To protect your account, we limit the maximum amount of funds you can pay. If you wait a day or two you will be able to transact again. Your limits will get increased automatically when you transact frequently with Paytm. Specifically, after you transact with us for at least 2 months with at least 3 different types of billers you'll see your limits bumped up.
In the interim, if you want to complete a payment above your limit right now, wait a few more days and you shouldn't have any issues.