Paytm Deadline: Check Out The Services You Can Continue Using After March 15 | Companies News


New Delhi: Paytm Payments Bank Ltd has been barred by The Reserve Bank of India(RBI) from accepting fresh deposits or top-ups after 15 March 2024. This decision comes after the RBI cited persistent non-compliance and continued material supervisory concerns. Earlier, the deadline was on 29th february but it got extended by 15 days to March 15, 2024.

The RBI issued a series of Frequently Asked Questions (FAQs) to offer Paytm customers detailed information about the limitations placed on the Paytm Payments Bank on February 16, 2024.

According to the RBI, here is a compilation of services available for use on Paytm after the March 15 deadline:

-Withdraw money from Paytm Payments Bank: Users can still access, utilize, and transfer money from their accounts even after the deadline. (Also Read: Ace investor Madhusudan Kela Becomes Latest Target Of DeepFake Showing Bid To Offer ‘Hefty Returns’)

-Refunds in Paytm Payments Bank: Even after March 15, users can still receive refunds, cashbacks, sweep-ins from partner banks, or interest credited into their accounts. (Also Read: Markets Trade Firm On Buying In Bank Stocks; Sensex Climbs 376 Points In Early Trade)

-Monthly Electricity Bill Deduction: If your account maintains a balance, withdrawal or debit mandates (like National Automated Clearing House (NACH) mandates) will persist, but no credits or deposits will be permitted.

-OTT subscription is automatically paid monthly: Withdrawal or debit mandates, like National Automated Clearing House (NACH) mandates, will remain active as long as there is a balance in your account. However, after March 15, 2024, no credits or deposits will be permitted in your accounts.

-Automatic EMI Payments: Debit mandates will persist as long as there’s a balance in your account. However, since no credits or deposits will be permitted, you’ll need to arrange alternative methods for setting up EMI payments with another bank.

-Paytm Payments Bank wallet money: You can still utilize, withdraw, or transfer funds to another wallet or bank account as long as there’s a balance available in the wallet. However, minimum KYC wallets are limited to merchant payments only.

-Cashback due in wallet after deadline: Refunds and cashbacks can still be credited even after March 15. You have the option to close your wallet and transfer the remaining balance to an account held with another bank after contacting Paytm Payments Bank.

-FASTag Usage: You can utilize your FASTag to pay tolls as long as there is a balance available, but top ups will not be permitted after March 15.

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