Deadline alert! Here’s what Paytm Payments Bank customers can and cannot do after March 15 – checklist | India Business News

Mar14,2024



paytm payments bank crisis: The reserve Bank of India (RBI) imposed business limits on Paytm Payments Bank Limited (PPBL) through a press release on January 31, 2024. From February 29, 2024, PPBL was banned from accepting new deposits or top-ups due to persistent non-compliance and ongoing supervisory. concerns. The deadline has since been extended by 15 days to March 15, 2024.
To provide clarity to the people, RBI issued a set of Frequently Asked Questions (FAQs) on February 16, 2024. These FAQs outline the services that will be affected after the March 15 deadline.
Here's what you need to know:

Services you can still access

withdrawal
You can use your account to withdraw or transfer funds as long as funds are available. Similarly, you can use your debit card to withdraw or transfer payments up to the available balance in your account.
Read this also Paytm Payments Bank is facing staff shortage; 20% workforce will be affected: Report
Refunds and Cashback
Refunds, cashback, sweep-in or interest from partner banks are allowed in your account even after March 15, 2024.
Auto deduction for monthly electricity bill
Withdrawal or debit mandates like National Automated Clearing House (NACH) mandates will be processed as long as there is sufficient balance in your account. However, after March 15, 2024, you will not be able to receive any credit or deposit into your account. To prevent any inconvenience, it is advised to make alternative arrangements with another bank before March 15, 2024.
Auto deduction for OTT subscription
Withdrawal or debit orders, such as National Automated Clearing House (NACH) orders, will continue as long as there is sufficient balance in your account. However, no credits or deposits will be allowed in your accounts from March 15, 2024. To prevent any inconvenience, it is recommended that you arrange for alternative banking services with another bank before March 15, 2024.
Auto deduction for EMI
Auto debit mandates will remain active as long as there is sufficient balance in your account. However, no credits or deposits will be accepted into your accounts from March 15, 2024. To prevent any inconvenience, it is recommended that you make alternative arrangements to set up EMI payments through another bank before March 15, 2024. EMIs registered with banks other than Paytm Payments Bank can continue without any interruption.
wallet access
You can use, withdraw or transfer funds to another wallet or bank account as long as there is available balance in your wallet. However, please note that the minimum KYC wallet can be used for merchant payments only.
outstanding cashback
Refunds and cashback are allowed to be credited to your account.
Close Paytm Payments Bank Wallet and transfer money
For full KYC wallet, you can contact Paytm Payments Bank or use its banking app to close your wallet and transfer the balance to another bank account. For minimum KYC wallet, you can either use the available balance or request a refund.
fastag
You can use your FASTag to pay toll as long as the balance is available. However, Paytm Payments Bank will not allow any additional funding or top-up for FASTags after March 15, 2024. To avoid any inconvenience, it is recommended that you get a new FASTag issued by another bank before March 15, 2024.
UPI/IMPS Withdrawal
You can withdraw money from your Paytm Payments Bank account through UPI/IMPS up to the balance available in your account.
Read this also Paytm FASTag users alert! NHAI wants users to buy a new one from another bank by March 15

Services you cannot use after March 15, 2024

Wallet Top-up
After March 15, 2024, you will not be able to add funds to the wallet or transfer money. Only cashback or refund credit will be allowed.
Sending and receiving money to wallet
After March 15, 2024, you will not be able to receive money in your wallet from any other person. Additionally, you will not be able to top-up or transfer money to the Wallet or receive any credit other than cashback or refund.
Similarly, after March 15, 2024, you will not be able to deposit money in your Paytm Payments Bank account. No credits or deposits will be allowed except interest, cashback, sweep-in or refund from partner banks.
salary credit
After March 15, 2024, you will not receive any such credit in your Paytm Payments Bank account. It is advisable to make alternative arrangements with another bank before March 15, 2024 to avoid inconvenience.
direct benefit transfer
After March 15, 2024, you will not receive any such credit in your Paytm Payments Bank account. Please ensure to switch your linked account to another bank before 15th March 2024 to avoid any inconvenience or disruption.
fastag recharge
After March 15, 2024, you will not be able to top-up or recharge your FASTag issued by Paytm Payments Bank. To avoid any inconvenience, it is recommended that you get a new FASTag issued by another bank before March 15, 2024.
Balance Transfer for FASTag
FASTag product does not support credit balance transfer facility. Therefore, you have to close your old FASTag issued by Paytm Payments Bank and request a refund from the bank.
UPI/IMPS Deposit
After March 15, 2024, you will not be able to transfer money to your Paytm Payments Bank account.



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