The Reserve Bank of India (RBI) has barred Paytm Payments Bank from accepting fresh deposits or top-ups starting March 15, 2024. To provide clarity amid this development, the RBI has also released a set of Frequently Asked Questions (FAQs), mentioning the alterations in services and what customers should be cognisant of post the stipulated date.
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Here are the services that will be available after March 15:
Continued access to funds
Account holders can manage existing funds, withdraw money, conduct transactions, and transfer money out of their Paytm Payments Bank accounts.
Refunds and cashback
Users can still receive refunds, cashbacks, and other credits, including sweep-in transactions from partnering banks or interest payments.
Automated payments and subscriptions
Automated withdrawals for bill payments will continue as long as there's a balance in the account.
Subscription fees for over-the-top (OTT) services will be automatically deducted from users' accounts, subject to available funds.
EMI payments
Automated debits for loan repayments will proceed until the account balance runs out.
Wallet transactions
Users can still spend, withdraw, or transfer the existing balance in their Paytm wallet to another wallet or bank account.
FASTag payments
FASTag users can use their tags for toll payments up to the current wallet balance. However, topping up the FASTag wallet will not be possible after the March 15 deadline.
Here are the services that will be available after March 15:
Top-up or transfer money in wallet
Users won't be able to top-up or transfer money into the Paytm wallet.
Receiving money from another person in wallet
Transferring money into the wallet or receiving funds from another person is restricted.
Transfer money into Paytm Payments Bank account
Depositing money into the Paytm Payments Bank account is prohibited.
Salary credit in Paytm Payments Bank
No credits, including salary, can be received in the Paytm Payments Bank account.
Subsidy or direct benefit transfers
Users won't receive subsidies or direct benefit transfers into their Paytm Payments Bank account.
FASTag topping up or recharging
Topping up or recharging FASTag issued by Paytm Payments Bank is not allowed.
Transfer money into Paytm Payments Bank account through UPI/IMPS
Transferring money into the Paytm Payments Bank account through UPI/IMPS is restricted.
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