Paytm Payments Bank Deadline: List of Services To Be Affected After March 15
By Lokmat English Desk | Published: March 12, 2024 09:18 AM2024-03-12T09:18:52+5:302024-03-12T09:18:52+5:30
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The Reserve Bank of India (RBI) has announced that Paytm Payments Bank must cease certain services by March 15. Following this deadline, some of their operations will be discontinued, while essential services like money withdrawal, refunds, cashback, withdrawal via UPI, and OTT payments will remain functional.
Even beyond March 15, users of Paytm Payments Bank will retain the ability to withdraw funds from their accounts or wallets. Additionally, they can continue to accrue interest on their Paytm Payments Bank accounts. Furthermore, the bank's partners will still have the capability to process bank refunds, offer cashbacks, and utilize the sweep-in feature.
As long as there is a sufficient balance in the account, Paytm Payments Bank users can continue to make payments or authorize debit orders, such as NACH orders, from their accounts. Moreover, the Paytm Payments Bank Wallet remains usable for making payments at various merchants.
Even after March 15, users of the Paytm Payments Bank will retain the option to close their wallets if they choose to do so. They can transfer any remaining balance to another bank account. Additionally, FASTag services will remain accessible as long as there is a balance in the account. Should the balance deplete, users will have the opportunity to replenish it.
Users of Paytm Payments Bank will also have the flexibility to withdraw money from their accounts via UPI or IMPS. While the current balance can be utilized for monthly OTT payments, it's important to note that after March 15, such transactions will need to be conducted through another bank account.
Crucially, to maintain uninterrupted service, users will need to either add additional bank accounts or transition their primary bank account from Paytm Payments Bank to another institution. This change is essential for continued functionality, including salary credits, EMI payments, and FASTag recharges.
After March 15, funding accounts, accessing FASTag services, or utilizing wallet services through Paytm Payments Bank will be unavailable. Additionally, users won't be able to receive funds from other users into their Paytm bank accounts. This includes salary or other direct benefits, as well as adding funds to FASTag balances issued by Paytm.
RBI Governor Shaktikanta Das has stated that the deadline for linking wallets associated with Paytm Payments Bank to other banks is set for March 15, with no plans for further relief thereafter. However, there is a possibility that the deadline may be extended, although no official decision has been made yet.
Das said that the deadline until March 15 was deemed adequate, with no necessity for an extension. He noted that approximately 80-85 per cent of Paytm wallets are already linked to other banks, and the remaining 15 per cent of accounts have been advised to do the same.
