Must Read: RBI Releases Important Faqs For Paytm Payments Bank Users
Date
2/16/2024 2:00:23 PM
(MENAFN- AsiaNet News) The Reserve bank of India (RBI) has taken steps to ease the transition process for users of Paytm Payments Bank by releasing a detailed list of Frequently Asked Questions (FAQs). This initiative aims to address concerns among customers and merchants while ensuring a smooth shift from Paytm Payments Bank.
RBI granted an additional 15-day extension, setting the new deadline for Paytm Payments Bank Ltd (PPBL) to cease deposits, credit transactions, or top-ups in customer accounts, wallets, and FASTags to March 15, 2024. This extension comes after an earlier directive issued on January 31, 2024, instructing PPBL to halt these activities after February 29, 2024.
The central bank emphasized that this extension is in the best interest of PPBL's customers and the public, allowing more time for individuals to make alternative arrangements. Take a look at the FAQs released by RBI
FAQs on Bank Accounts with Paytm Payments Bank:
Can I continue to withdraw money from my savings or current account with Paytm Payments Bank after March 15, 2024? Yes. You can continue to use, withdraw, or transfer your funds from your account up to the available balance in your account.
Can I deposit or transfer money into my account with Paytm Payments Bank after March 15, 2024?
No. After March 15, 2024, you will not be able to deposit money into your account with Paytm Payments Bank.
Can refunds be credited into my account with Paytm Payments Bank after March 15, 2024? Yes. Refunds, cashbacks, sweep-in from partner banks, or interest are permitted credits into your account even after March 15, 2024.
What will happen to the Deposits maintained with partner banks through 'sweep in/out' arrangements after March 15, 2024?
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.
Can I receive my salary into my account with Paytm Payments Bank after March 15, 2024? No. After March 15, 2024, you will not be able to receive any such credits into your account with Paytm Payments Bank.
Can I continue to receive subsidies or direct benefit transfers linked to my Aadhar from the Government into my account with Paytm Payments Bank after March 15, 2024?
No. After March 15, 2024, you will not be able to receive any such credit into your account with Paytm Payments Bank.
Can automatic payments like monthly electricity bills or OTT subscriptions continue from my account with Paytm Payments Bank after March 15, 2024? Withdrawal/debit mandates will continue to get executed till there is a balance available in your account.
Can EMIs for loans be automatically paid through my account with Paytm Payments Bank after March 15, 2024?
Auto debit mandates will continue to get executed till there is a balance available in your account.
Can EMIs for loans be automatically paid through accounts with other banks after March 15, 2024? Yes, EMIs registered with any bank other than Paytm Payments Bank can continue.
FAQs on Paytm Payments Bank Wallet:
Can I continue to use money from my wallet with Paytm Payments Bank after March 15, 2024?
Yes. You can continue to use, withdraw, or transfer to another wallet or bank account up to the balance available in the wallet.
Can I top-up or transfer money into my wallet with Paytm Payments Bank after March 15, 2024? No. After March 15, 2024, you will not be able to top-up or transfer money into the wallet.
Can I receive cashbacks into my wallet with Paytm Payments Bank after March 15, 2024?
Yes. Refunds and cashbacks are allowed to be credited.
Can I close my wallet with Paytm Payments Bank and transfer the balance to another bank account after March 15, 2024? Yes, you may approach Paytm Payments Bank or use its banking app to close your wallet and transfer the balance to an account maintained with another bank
FAQs on Money Transfer through UPI/IMPS:
Can I transfer money into my Paytm Payments Bank account through UPI/IMPS after March 15, 2024?
No. You cannot transfer money into your Paytm Payments Bank account after March 15, 2024.
Can I withdraw money from my Paytm Payments Bank account through UPI/IMPS after March 15, 2024? Yes. You can withdraw money from your Paytm Payments Bank account through UPI/IMPS up to the balance available in your account.
FAQs on FASTag issued by Paytm Payments Bank:
Can I continue to use my FASTag issued by Paytm Payments Bank to pay toll after March 15, 2024?
Yes. You can continue to use your FASTag to pay toll up to the available balance.
Can I recharge the balance of my 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.
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.
FAQs on National Common Mobility Card (NCMC) issued by Paytm Payments Bank:
Can I continue to use my NCMC card issued by Paytm Payments Bank after March 15, 2024? Yes. You can continue to use your NCMC card up to the available balance.
Can I add to the balance of my NCMC card 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 NCMC card issued by Paytm Payments Bank.
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 up to the available balance.
FAQs for Merchants using Paytm Payments Bank to receive payments:
Can I continue to use a Paytm QR code, Paytm soundbox, or Paytm POS terminal linked to my bank account or wallet with Paytm Payments Bank to receive payments after March 15, 2024? No. After March 15, 2024, you will not be able to receive any credit into your bank account or wallet with Paytm Payments Bank other than refunds, cashbacks, sweep-in from partner banks, or interest.
FAQs for Bharat Bill Payment System (BBPS):
Can I make payments through the Bharat Bill Payment System (BBPS) using my account with Paytm Payments Bank after March 15, 2024? Yes. You can continue to make payments from your Paytm Payments Bank account through Bharat Bill Payment System up to the balance available in your account.
FAQs on Aadhar enabled Payment System (AePS):
Can I make withdrawals from my Paytm Payments Bank account with biometric authentication under Aadhar enabled Payment System after March 15, 2024? Yes. You can continue to withdraw using the AePS authentication, up to the balance available in your account.
FAQs on Paytm Payments Bank Business Correspondent:
Can the Paytm Payments Bank Business Correspondent help me in withdrawing funds from my account after March 15, 2024? Yes. The Paytm Payments Bank Business Correspondent (Bank Agent) can help you to withdraw money from your bank account up to the balance available in your account.
FAQs on Accounts frozen, lien marked, etc.:
What will happen to my Paytm Payments Bank account/wallet if there is a lien or freeze marked on the directions of Law Enforcement or judicial authorities?
Any lien or freeze marked as per the instructions of any law enforcement or judicial authorities on the account/wallet of a customer with Paytm Payments Bank will continue to be governed by the orders passed by such authorities.
What will happen to my Paytm Payments Bank account/wallet if there is a lien or freeze marked on account of internal policies of Paytm Payments Bank? The bank has been directed to allow withdrawal or transfer to another bank account of the customer, up to the available balance in the account / wallets.
FAQs on Onboarding of new customers:
What is the status of the Business restriction placed on Paytm Payments Bank vide RBI Press Release dated March 11, 2022? The business restriction dated March 11, 2022, prohibiting Paytm Payments Bank from onboarding any new customers for any of its services continues to be in force. Hence, Paytm Payments Bank cannot onboard any new customers after March 11, 2022.
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