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Paytm Bank's Deadline Extended Till March 15: Here Is What It Means To Customers RBI had earlier given the deadline of February 29

By Entrepreneur Staff

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Image Credit: Paytm website

The Reserve Bank of India (RBI) Friday has extended the original deadline of February 29 to Paytm Payments Bank to halt deposits, credit transactions and top-ups in customer accounts, by 15 days.

On Friday, the Central Bank said the relaxation till March 15 has been given keeping in view the interest of customers (including merchants) who may require more time to make alternative arrangements.

"No further deposits or credit transactions or top ups shall be allowed in any customer accounts, prepaid instruments, wallets, FASTags, National Common Mobility Cards, etc. after March 15, 2024 (extended from the earlier stipulated timeline of February 29, 2024), other than any interest, cashbacks, sweep in from partner banks or refunds which may be credited anytime," the RBI said.

RBI has also issued a set of frequently asked questions (FAQs) to provide clarity to PPBL customers and merchants.

Here is what this means for the customers

  • Customers can withdraw or utilize the balances from their accounts including savings bank accounts, current accounts, prepaid instruments, FASTags, National Common Mobility Cards, etc without any restrictions, up to their available balance (no change).
  • Customers cannot transfer money into their Paytm Payments Bank account through UPI/IMPS after March 15. No fresh deposits will be accepted after March 15, 2024, except for interest, cashbacks, sweep-ins from partner banks, or refunds.
  • Debit cards issued by Paytm Payments Bank can still be used for withdrawals or transfers till the same date.
  • Wallet services, FASTags, and NCMC cards issued by Paytm Payments Bank can be used until the balance is exhausted, but no top-ups or recharges will be allowed after March 15, 2024.
  • Customers are advised to procure new FASTags or NCMC cards from other banks.
  • Salary credits to Paytm Payments Bank accounts will will not be accepted after the deadline. Customers are advised to make alternative arrangements.
  • Subsidies or direct benefit transfers linked to Aadhar will also not be credited into Paytm Payments Bank accounts post the mentioned deadline.
  • Merchants using Paytm QR codes, soundboxes, or POS terminals linked to Paytm Payments Bank accounts must make alternative arrangements for receiving payments after March 15, 2024.
  • Automatic payments for services such as electricity bills, OTT subscriptions, and EMIs will continue until there is a balance available in the account. However, no further credits or deposits will be allowed after March 15, 2024.
Entrepreneur Staff

Entrepreneur Staff

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