Paytm Payments Bank: RBI has given additional time of 15 days to Paytm Payments Bank to continue services.
Paytm Payments Bank: Reserve Bank of India (RBI) has given additional time of 15 days to Paytm Payments Bank to continue services. Under this, the last date for ordering not to accept deposits or top-up in any customer account, prepaid product, wallet and FASTag has been extended till March 15. RBI said that this step has been taken keeping in mind the interest of customers including traders.
Let us tell you that earlier on January 31, the Reserve Bank had directed Paytm Payments Bank Limited (PPBL) not to accept deposits or top-ups in any customer account, prepaid product, wallet and Fastag after February 29, 2024.
Paytm should help bank customers to withdraw money
RBI said that this decision is being taken keeping in mind the interest of PPBL’s customers (including merchants), who may need some more time to make alternative arrangements, and in the larger public interest. RBI said, apart from this, it has been directed that the bank will provide the facility of uninterrupted withdrawal of deposits of customers with participating banks under the ‘Sweep-in Sweep-out’ facility so that such customers do not face any inconvenience.
The central bank has taken action against PPBL due to continued non-compliance with regulations and concerns over the level of monitoring. RBI also released a list of Frequently Asked Questions (FAQs) for the convenience of PPBL customers and general public.
Will not be able to do this work
- RBI has advised customers to close Paytm bank wallet.
- If you want to open a salary account in Paytm Bank then find the option before 15th March.
- You will not be able to avail the benefits of the government scheme from Paytm Bank after March 15.
- After March 15, electricity bills and other bills will not be paid.
- Loan installment, OTT subscription will also not be available from Paytm Bank after March 15.
- No money will be transferred to Paytm Bank wallet after March 15.
- Even after March 15, cashback and refund will be available in Paytm Bank wallet.
FAQ on Paytm Payments Bank
Question 1: Is withdrawal possible even after March 15 if I have a current or savings account or debit card in Paytm Payments Bank?
Answer: Money can be withdrawn as long as there is balance in the account. Or it can be transferred to any other bank.
Question 2: Have a current or savings account in Paytm Payments Bank. Can I deposit the amount even after March 15?
Answer: No, the amount cannot be deposited. Only interest, cash back, refund etc. will be available in the account.
Question 3: Will I get a refund if it comes to Paytm Payments Bank after March 15?
Answer: Refund, cash back, interest, sweep in amount from partner bank will be available in the account.
Question 4: Sweep in/sweep out arrangement through partner bank, so what after March 15?
Answer: Amount up to Rs 2 lakh can be brought to Paytm Payments Bank, but no new deposits through Paytm Payments Bank after March 15.
Question 5: If I have a salary account in Paytm Payments Bank, will the salary keep coming?
Answer: Salary credit in Paytm Payments Bank will not be possible after March 15. Account will have to be opened in some other bank.
Question 6: If government scheme benefit (DBT) is available in Paytm Payments Bank account, will the benefit continue?
no answer. No profit will be credited to the account after 15th March. Account will have to be opened in a new bank.
Question 7: Every month the electricity bill and OTT subscription is deducted from Paytm Payments Bank only. What will happen now?
Answer: This will continue till balance is maintained. It would be better to link it to some other bank account before March 15.
Question 8: Home loan installment is deducted from Paytm Payments Bank. What will happen after March 15?
Answer: Auto debit will continue till the balance remains. But no amount will be deposited in the account. Will not be able to even order. It would be better to link it to some other bank account before March 15.
FAQ on Paytm Payments Bank Wallet
Question 1: Will the use of Paytm Payments Bank wallet money continue even after March 15?
Answer: Yes. Will be able to use the money. You can also withdraw money or transfer it to another wallet or bank account, but the wallet with minimum KYC will be used only for merchant payments.
Question 2: Can Paytm Payments Bank wallet be topped up after March 15? Or will money be asked for?
Answer: No, top up will not happen after March 5. You will not be able to withdraw money from the wallet from any other bank, but you will be able to take cash back, refund etc.
Question 3: Wallet is in Paytm Payments Bank. Will I be able to transfer the closed amount to another bank account?
Answer: Yes. By closing the wallet the money can be transferred to another bank. Provided that there is a wallet with full KYC. If you have a wallet with minimum KYC, you can take a refund or spend the remaining amount.
What will happen to Paytm FASTag?
Question 1: Will we be able to pay toll through Paytm FASTag even after March 15?
Answer 1: You will be able to use the remaining amount, but will not be able to add new amount after March 15. It would be better to buy FASTag of some other bank before March 15.
Question 2: Will the money left in Paytm FASTag be transferred to buy FASTag of any other bank?
no answer. There is no facility to transfer the remaining money in FASTag. It would be better to close Paytm FASTag, take refund and buy FASTag of some other bank.
Paytm Payments Bank Mobility Card
Question 1: What will happen to the mobility card of Paytm Payments Bank after March 15?
Answer: It is possible to use the card as long as there is balance in it, but not for new top up. It would be better to buy a card from another bank.
Question 2: Can the money from Paytm Payments Bank’s mobility card be transferred to another bank?
Answer: There is no balance transfer facility in Mobility (NCMC) card, either you will have to spend it or take refund from Paytm Payments Bank.
How will payments from Paytm Payments Bank be affected?
Question 1. What will be the impact on shopkeepers taking payment through QR code, sound box, POS terminal of Paytm Payments Bank?
Answer: If the payment goes to any other bank account other than Paytm Payments Bank, then there is no problem. QR code, sound box, POS terminal, everything will continue to work. No need to change.
Question 2. What will happen if we take payment from QR code, sound box, POS terminal of Paytm Payments Bank but the amount goes to Paytm Payments Bank?
Answer: After March 15, no amount can be withdrawn in Paytm Payments Bank or Paytm Payments Bank Wallet. A new QR code linked to another bank or bank wallet will have to be obtained. The bank account will have to be changed with the help of the service provider.
Question 3: After March 15, will money be deposited or withdrawn from Paytm Payment Bank with the help of UPI/IMPS?
Answer: Deposit will not be possible, but money can be withdrawn.
