Image Source : PAYTM (X) RBI gives 15 more days till March 15 to Paytm Payments Bank to stop transactions.
Paytm news: The Reserve Bank of India (RBI) today (February 16) gave a 15-day relaxation to Paytm payments bank on accepting deposits. The last date will now be March 15 (Friday) from the earlier date of February 29. The central bank also issued a set of frequently asked questions (FAQs) after several queries were sent by customers to the bank.
The FAQs are as below:
Customers can continue to use, withdraw or transfer your funds from their account upto the available balance in the account. Similarly, they can continue use debit card to withdraw or transfer funds upto the available balance in the account.
After March 15, 2024, Customers will not be able to deposit money into their accounts with Paytm Payments Bank. No credits or deposits other than interest, cashbacks, sweep-in from partner banks or refunds are allowed to be credited.
Refunds, cashbacks, sweep-in from partner banks or interest are permitted credits into their account even after March 15, 2024.
The existing Deposits of Paytm Payments Bank customers maintained with partner banks can be brought back (sweep-in) to the accounts with Paytm Payments Bank, subject to the ceiling on balance prescribed for a Payments Bank (i.e. Rs 2 lakh per individual customer at the end of day). Such sweep-ins for the purpose of making available the balances for use or withdrawal by the customer will continue to be allowed. However, no fresh deposits with partner banks through Paytm Payments Bank will be allowed after March 15, 2024.
After March 15, 2024, customers will not be able to receive any such credits (like Salary) into the account with Paytm Payments Bank. It is suggested that customers make alternative arrangements with another bank before March 15, 2024 to avoid inconvenience.
After March 15, 2024, customers will not be able to receive any such credit (subsidy or certain direct benefit transfers) into account with Paytm Payments Bank. Please arrange to change linked account to another bank before March 15, 2024 to avoid any inconvenience or disruption.
Withdrawal/debit mandates (such as National Automated Clearing House (NACH) mandates) will continue to get executed till there is balance available in your account. However, after March 15, 2024, credit or deposit in your accounts will not be allowed. Therefore, to avoid inconvenience, it is suggested that you make alternative arrangements through another bank, before March 15, 2024.
Withdrawal/debit mandates through automatic UPI mandates will continue to get executed till there is balance available in your account. However, after March 15, 2024, credit or deposit in your accounts will not be allowed. Therefore, to avoid inconvenience or disruption, it is suggested that you make alternative arrangements through another bank, before March 15, 2024.
Auto debit mandates will continue to get executed till there is balance available in your account. However, after March 15, 2024, credit or deposit in your accounts will not be allowed. Therefore, to avoid inconvenience, it is suggested that you make alternative arrangements for setting up EMI payments through another bank before March 15, 2024.
EMIs registered with any bank other than Paytm Payments Bank can continue.
Paytm Payments Bank Wallet: Customers can continue to use, withdraw or transfer to another wallet or bank account upto the balance available in the wallet. Minimum KYC wallets can however, be used only for merchant payments.
After March 15, 2024 you will not be able to top-up or transfer money into the wallet or receive any credits, other than cashbacks, or refunds into this wallet.
Refunds and cashbacks are allowed to be credited.
You may approach Paytm Payments Bank or use its banking app to close your wallet and transfer the balance to an account maintained with another bank in the case of full KYC wallets. In the case of minimum KYC Wallets2, you may use the available balance or request for a refund.
You can continue to use your FASTag to pay toll upto the available balance. However, no further funding or top ups will be allowed in the FASTags issued by Paytm Payments Bank after March 15, 2024. It is suggested that you procure a new FASTag issued by another bank before March 15, 2024 to avoid any inconvenience.
After March 15, 2024 you will not be able to top-up or recharge your FASTag issued by Paytm Payments Bank. It is suggested that you procure a new FASTag issued by another bank before March 15, 2024 to avoid any inconvenience.
Credit balance transfer feature is not available in the FASTag product. Therefore, you will have to close your old FASTag issued by Paytm Payments Bank and request the bank for a refund.
You can continue to use your NCMC card upto the available balance. However, you will not be able to load or top up funds into the card after March 15, 2024. In order to avoid inconvenience, it is suggested that you obtain an NCMC card issued by another bank or non-bank pre-paid instrument (PPI) issuer, before March 15, 2024.
After March 15, 2024 you will not be able to top-up or recharge your NCMC card issued by Paytm Payments Bank. In order to avoid inconvenience, it is suggested that you obtain an NCMC card issued by another bank or non-bank pre-paid instrument (PPI) issuer, before March 15, 2024.
Balance transfer feature is not available in the NCMC card. Therefore, you may use the card upto the available balance. In case you have some more balance which you have not been able to use, you may request Paytm Payments Bank for a refund.
Merchants using Paytm Payments Bank to receive payments can accept payments using a Paytm QR code, Paytm soundbox or Paytm POS terminal, linked to another bank account (not with Paytm Payments Bank). If your receipt and transfer of funds is linked to any bank account other than Paytm Payments Bank, you can continue to use this arrangement even after March 15, 2024.
Merchants accepting payments using a Paytm QR code, Paytm soundbox, Paytm POS terminal linked to my bank account or wallet with Paytm Payments Bank cannot continue to use this set-up even after March 15, 2024. After March 15, 2024 you will not be able to receive any credit into your bank account or wallet with Paytm Payments Bank other than refunds, cashbacks, sweep-in from partner banks or interest. In order to avoid any inconvenience or disruption, it is suggested that you may obtain a fresh QR code linked to an account with another bank or wallet to receive payments. You may also change your bank account details (in which you receive payments) through your service provider.
You can continue to make payments from your Paytm Payments Bank account through Bharat Bill Payment System upto the balance available in your account. Since you will not be able to credit any further funds into your accounts or wallets with Paytm Payments Bank after March 15, 2024, it is advised that you may make alternative arrangements with another bank account for BBPS before March 15, 2024.
You can continue to withdraw using the Aadhar enabled Payment System (AePS) authentication, upto the balance available in your account.
Money Transfer through UPI/ IMPS: You cannot transfer the money into your Paytm Payments Bank account after March 15, 2024.
You can withdraw your money from Paytm Payments Bank account through UPI/ IMPS upto the balance available in your account.
The Paytm Payments Bank Business Correspondent (Bank Agent) can help you to withdraw money from your bank account upto the balance available in your account.
Any lien or freeze (full or partial) marked as per the instructions of any law enforcement or judicial authorities on the account/wallet of a customer with Paytm Payments Bank will continue to be governed by the orders passed by such authorities.
The bank (Paytm Payments Bank) has been directed to allow withdrawal or transfer to another bank account of the customer, upto the available balance in the account / wallets. Onboarding of new customers.
The business restriction dated March 11, 2022, prohibiting Paytm Payments Bank from onboarding any new customers for any of its services continues to be in force.
Hence, Paytm Payments Bank cannot onboard any new customers after March 11, 2022. In response to the FAQs issued by the central bank, Paytm founder Vijay Shekhar Sharma posted on X, “Paytm QR, Soundbox and EDC (card machine) will continue to work like always, even after March 15. The latest FAQ issued by RBI on point #21 clarifies it unambiguously. Do not fall for any rumour or let anyone deter you to championing Digital India!”
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