Services and business transcations on Paytm Payments Bank Ltd will not work from March 15, 2024, after the Reserve Bank of India (RBI) imposed curbs on Paytm's banking arm. On January 31, the central bank barred Paytm Payments Bank from accepting fresh deposits or top-ups starting tomorrow, i.e. March 15 as the bank was found not following banking standards and norm. Initially, it had fixed the deadline for February 29, 2024. Later, the deadline has now been extended by 15 days to March 15, 2024.
The RBI had published a set of Frequently Asked Questions (FAQs), mentioning the alterations in services and what customers should be cognisant of post the stipulated date. Here's a quick look at services will continue and those which won't after March 15.
1. Withdrawal of money from PPBL account
Yes. You can continue to use, withdraw or transfer your funds from your account upto the available balance in your account.
Similarly, you can continue to use your debit card to withdraw or transfer funds up to the available balance in your account.
2. Savings bank or current account with Paytm Payments Bank
No. After March 15, 2024, you will not be able to deposit money into your account with Paytm Payments Bank. No credits or deposits other than interest, cashbacks, sweep-in from partner banks or refunds are allowed to be credited.
3. Refund in PPBL account
Yes. Refunds, cashbacks, sweep-in from partner banks or interest are permitted credits into your account even after March 15, 2024.
4. Deposits with partner banks through ‘sweep in/out’ arrangements
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.
5. Salary in Paytm Payments Bank account
No. After March 15, 2024, you will not be able to receive any such credits into your account with Paytm Payments Bank.
6. Subsidy or direct benefit transfers to Paytm Payments Bank
No. After March 15, 2024, you will not be able to receive any such credit into your account with Paytm Payments Bank. Please arrange to change your linked account to another bank before March 15, 2024 to avoid any inconvenience or disruption.
7. Electricity bill paid automatically from Paytm Bank Limited
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.
8. Monthly OTT subscription payment from Paytm Payments Bank
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.
9. Loan EMI payment from Paytm Payments Bank
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.
10. Loan instalment paid through my account with a bank other than Paytm Payments Bank
Yes, EMIs registered with any bank other than Paytm Payments Bank can continue.
11. I have a wallet with Paytm Payments Bank. Can I continue to use money from this wallet after March 15, 2024?
Yes. You can continue to use, withdraw or transfer to another wallet or bank account upto the balance available in the wallet. Minimum KYC wallets1 can, however, be used only for merchant payments.
12. Wllet with Paytm Payments Bank. Can I top-up or transfer money into this wallet after March 15, 2024?
No. 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.
13. Can FASTag issued by Paytm Payments Bank used after March 15, 2024?
Yes. 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.
14. Can I recharge FASTag issued by Paytm Payments Bank after March 15, 2024?
No. After March 15, 2024 you will not be able to top-up or recharge your FASTag issued by Paytm Payments Bank.
15. Can I transfer the balance from my old FASTag issued by Paytm Payments Bank to a new FASTag obtained from another Bank?
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.
16. I have an NCMC card issued by Paytm Payments Bank. Can I continue to use it after March 15, 2024?
Yes. 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.
19. I have an NCMC card issued by Paytm Payments Bank. Can I add to its balance through top-up, recharge, etc. after March 15, 2024?
No. After March 15, 2024 you will not be able to top-up or recharge your NCMC card issued by Paytm Payments Bank.
20. Can I transfer the balance from my old NCMC card issued by Paytm Payments Bank to a new card obtained from another Bank?
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.
21. Can I make payments through the Bharat Bill Payment System (BBPS) using my account with Paytm Payments Bank?
Yes. 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.
24. Can I make withdrawals from my Paytm Payments Bank account with biometric authentication under Aadhar enabled Payment System?
Yes. You can continue to withdraw using the AePS authentication, upto the balance available in your account.
25. Can I transfer my money into my Paytm Payments Bank account through UPI/ IMPS after March 15, 2024?
No. You cannot transfer the money into your Paytm Payments Bank account after March 15, 2024.
26. Can I withdraw my money from my Paytm Payments Bank account through UPI/ IMPS after March 15, 2024?
Yes. You can withdraw your money from Paytm Payments Bank account through UPI/ IMPS upto the balance available
