The Reserve Bank of India (RBI) has decided to extend the deadline for the suspension of
Paytm Payments Bank
operations until March 15. This decision comes after the discovery of irregularities in the bank's customer know your customer (KYC) data. To address concerns among
Paytm
bank account holders, the RBI has released a set of frequently asked questions (FAQs) to ensure a smooth transition for both customers and merchants.
The updated FAQs from the RBI provide guidance on what customers should do if their Paytm Payments Bank account serves as their salary account, or if they use it for monthly bill payments and subscriptions.
Previously, the RBI had advised all Paytm bank users to transfer their accounts and assets to other banks amidst the ongoing scrutiny against the company. However, customers will still have the ability to withdraw funds from their Paytm Payments Bank accounts and use the bank's debit cards.
After March 15, it will not be possible to receive salary deposits into Paytm bank accounts, as no further deposits or credits will be permitted after the deadline.
Paytm Paytmets Bank - RBI FAQs
Can I withdraw money or use my debit card issued by Paytm Payments Bank after March 15, 2024?
Yes, you can continue to withdraw, transfer, or use your funds and debit card as long as there is a balance available in your account.
Can I deposit or transfer money into my Paytm Payments Bank account after March 15, 2024?
No, after March 15, 2024, no additional deposits or transfers can be made into your account, except for interest, cashbacks, sweep-ins from partner banks, or refunds.
Will I still receive refunds or other credits into my Paytm Payments Bank account after March 15, 2024?
Certainly, your account can still receive refunds, cashbacks, sweep-ins from partner banks, or interest after March 15, 2024.
What will happen with the deposits maintained with partner banks through sweep in/out arrangements after March 15, 2024?
Existing deposits with partner banks can be transferred back to your Paytm Payments Bank account (sweep-in), subject to the prescribed balance limit of ₹2 lakh per individual customer. However, Paytm Payments Bank will not accept any fresh deposits with partner banks after March 15, 2024.
Can I continue to receive my salary into my Paytm Payments Bank account after March 15, 2024?
No, after March 15, 2024, you will not receive salary credits into your Paytm Payments Bank account. It's recommended to make alternative arrangements with another bank before this date.
Can I still receive subsidies or direct benefit transfers into my Paytm Payments Bank account after March 15, 2024?
No, after March 15, 2024, you will not receive such credits into your Paytm Payments Bank account. Please switch your linked account to another bank before this date to avoid any inconvenience.
Can automatic bill payments for utilities or subscriptions continue from my Paytm Payments Bank account after March 15, 2024?
Withdrawal or debit mandates will continue to be executed until there is a balance available in your account. After March 15, 2024, no fresh deposits or credits will be permitted. It is recommended to arrange alternative banking arrangements before this deadline.
Can automatic payments for OTT subscriptions continue through UPI from my Paytm Payments Bank account after March 15, 2024?
Similar to bill payments, automatic UPI mandates will continue until there is a balance available in your account. After March 15, 2024, no further credits or deposits will be accepted. It is recommended to make alternative arrangements with another bank before this date.
Can automatic loan EMIs continue to be paid through my Paytm Payments Bank account after March 15, 2024?
Auto debit mandates for loan EMIs will continue until there is a balance available in your account. However, no additional credits or deposits will be permitted after March 15, 2024. It's recommended to set up EMI payments through another bank before this date.
Can automatic loan EMIs continue to be paid through my account with a bank other than Paytm Payments Bank after March 15, 2024?
Certainly, EMIs registered with any bank besides Paytm Payments Bank can proceed without any disruption.
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