The Reserve Bank of India (RBI) has extended the deadline by 15 days to March 15, 2024, for Paytm Payments Bank Ltd (PPBL) to cease deposits, credit transactions, or top-ups on any customer accounts, wallets, and FASTags. This decision aims to facilitate a smooth transition for users to Paytm Payments Bank.
RBI has published a comprehensive list of frequently asked questions regarding the blockage of Paytm Payments Bank, along with detailed answers, to address customers’ and merchants’ concerns. Below is the full list of FAQs published by RBI.
According to RBI guidelines, starting from February 29, 2024, PPBL has been instructed to discontinue further deposits, credit transactions, or top-ups on any customer accounts, prepaid instruments, wallets, FASTags, and National Common Mobility cards.
RBI emphasized that this decision was made in the interest of PPBL customers (including merchants) who may need some additional time to find alternative solutions.
FAQs Regarding Bank Accounts in Paytm Payments Bank:
1. Can I withdraw money from my savings or current account in Paytm Payments Bank after March 15, 2024? Can I still use the debit card issued by Paytm Payments Bank?
– Yes, you can continue to use, withdraw, or transfer funds from the account until the available balance is exhausted. Similarly, you can still use the debit card to withdraw or transfer funds according to the available balance in the account.
2. Can I make deposits or money transfers to Paytm Payments Bank account after March 15, 2024?
– No, you will not be able to make deposits to Paytm Payments Bank account after March 15, 2024. No deposits or top-ups will be allowed, except for interest, cash returns, or redirects from banking partners.
3. What will happen to deposits held with banking partners under “sweep in/out” after March 15, 2024?
– Existing customer deposits in Paytm Payments Bank held with banking partners may be redirected (sweep-in) to Paytm Payments Bank accounts, subject to the prescribed balance limit for payment banks (i.e., 2 lakh ₹ per customer per day). Such fund redirects, to enable customers to use or withdraw them, will continue. However, after March 15, 2024, it will no longer be possible to make new deposits with banking partners through Paytm Payments Bank.
4. Can I still receive my salary into my Paytm Payments Bank account after March 15, 2024?
– No, after March 15, 2024, you will no longer be able to receive inflows into your Paytm Payments Bank account. It is recommended to open an alternative account in another bank before this date to avoid inconvenience.
5. Can I continue to receive subsidies or welfare benefits linked to my Aadhar number into my Paytm Payments Bank account after March 15, 2024?
– No, after March 15, 2024, you will no longer be able to receive such inflows into your Paytm Payments Bank account. Please change the associated account to another bank before March 15, 2024, to avoid inconvenience.
6. Will the automatic bill payment for my electricity bill still be deducted from my Paytm Payments Bank account?
– Debit instructions (such as National Automated Clearing House – NACH mandates) will be honored as long as there is a balance in the account. However, after March 15, 2024, no deposits or top-ups will be allowed on your account. Therefore, it is recommended to open an alternative account in another bank before this date to avoid inconvenience.
7. Will the subscription fee for my streaming platforms still be automatically deducted from my Paytm Payments Bank account?
– Debit instructions through automatic UPI mandates will be processed as long as there is a balance in the account. However, after March 15, 2024, no deposits or top-ups will be allowed on your account. Therefore, it is recommended to open an alternative account in another bank before this date to avoid inconvenience or service interruptions.
8. Is the installment for my loan automatically deducted from my Paytm Payments Bank account? Can it continue?
– Automatic debit instructions will be processed as long as there is a balance in the account. However, after March 15, 2024, no deposits or top-ups will be allowed on your account. Therefore, it is recommended to make alternative installment payment arrangements in another bank before this date.
9. Is the installment for my loan automatically deducted from an account in a bank other than Paytm Payments Bank? Can it continue?
– Yes, installments registered with any bank other than Paytm Payments Bank can continue.
FAQs Regarding Paytm Payments Bank Wallet:
1. Can I still use the money in my Paytm Payments Bank wallet after March 15, 2024?
– Yes, you can continue to use, withdraw, or transfer funds to another wallet or bank account until the available balance in the wallet is exhausted. However, wallets with minimal KYC can only be used for merchant payments.
2. Can I recharge or transfer money to the Paytm Payments Bank wallet after March 15, 2024? Can I receive money from another person into my wallet after March 15, 2024?
– No, after March 15, 2024, you will not be able to recharge or transfer money to the wallet and will not receive any inflows, except for cash returns or refunds.
3. Will I receive cash returns from my Paytm Payments Bank wallet after March 15, 2024?
– Yes, cash returns are allowed.
4. Can I close my wallet in Paytm Payments Bank and transfer the balance to my bank account?
– Yes, you can close your wallet in Paytm Payments Bank and transfer the balance to your bank account.
This article includes a section of FAQs based on the main topics and information presented in the article.
The source of the article is from the blog dk1250.com