RBI FAQ Paytm Payments Bank: The RBI on Friday suggested prospects in addition to retailers of Paytm Payments Bank Ltd (PPBL) to shift their accounts to different banks by March 15, giving 15 extra days to the beleaguered entity to shut most of its operations, together with deposit and credit score transactions.
The earlier deadline was February 29, 2024, which the RBI has prolonged by 15 days holding in view the curiosity of shoppers (together with retailers) of PPBL who could require somewhat extra time to make various preparations in bigger public curiosity.
The central financial institution has additionally issued an inventory of 30 Frequently Asked Questions (FAQs), for the comfort of shoppers of PPBL, and most of the people at giant.
Also Read: Here’s Why RBI Banned Paytm Payments Bank
According to the FAQs, these having a pockets with PPBL can proceed to make use of cash from the pockets after March 15, 2024 as much as the stability accessible within the pockets.
On FASTags, the RBI’s FAQs stated one can proceed to make use of them to pay toll as much as the accessible stability.
Paytm FAQ By RBI Is Given Below;
Bank Accounts with Paytm Payments Bank
1. I’ve a financial savings or present account with Paytm Payments Bank. Can I proceed to withdraw cash from this account after March 15, 2024? Can I proceed to make use of my debit card issued by Paytm Payments Bank?
Yes. You can proceed to make use of, withdraw or switch your funds out of your account upto the accessible stability in your account. Similarly, you may proceed to make use of your debit card to withdraw or switch funds upto the accessible stability in your account.
2. I’ve a financial savings financial institution or present account with Paytm Payments Bank. Can I deposit or switch cash into this account after March 15, 2024?
No. After March 15, 2024, you will be unable to deposit cash into your account with Paytm Payments Bank. No credit or deposits apart from curiosity, cashbacks, sweep-in from accomplice banks or refunds are allowed to be credited.
3. I’m anticipating a refund in my account with Paytm Payments Bank after March 15, 2024. Can this refund be credited into my account?
Yes. Refunds, cashbacks, sweep-in from accomplice banks or curiosity are permitted credit into your account even after March 15, 2024.
4. What will occur to the Deposits maintained with accomplice banks by ‘sweep in/out’ preparations, after March 15, 2024?
The current Deposits of Paytm Payments Bank prospects maintained with accomplice banks may be introduced again (sweep-in) to the accounts with Paytm Payments Bank, topic to the ceiling on stability prescribed for a Payments Bank (i.e. Rs 2 lakh per particular person buyer on the finish of day). Such sweep-ins for the aim of creating accessible the balances to be used or withdrawal by the shopper will proceed to be allowed. However, no recent deposits with accomplice banks by Paytm Payments Bank shall be allowed after March 15, 2024.
5. My wage is credited into my account with Paytm Payments Bank. Can I proceed to obtain my wage into this account?
No. After March 15, 2024, you will be unable to obtain any such credit into your account with Paytm Payments Bank. It is recommended that you just make various preparations with one other financial institution earlier than March 15, 2024 to keep away from inconvenience.
6. I obtain a subsidy or sure direct profit transfers linked to my Aadhaar from the Government in my account with Paytm Payments Bank. Can I proceed to obtain it into this account?
No. After March 15, 2024, you will be unable to obtain any such credit score into your account with Paytm Payments Bank. Please prepare to vary your linked account to a different financial institution earlier than March 15, 2024 to keep away from any inconvenience or disruption.
7. My month-to-month electrical energy invoice is paid mechanically from my checking account with Paytm Bank Limited? Can this proceed?
Withdrawal/debit mandates (comparable to National Automated Clearing House (NACH) mandates) will proceed to get executed until there may be stability accessible in your account. However, after March 15, 2024, credit score or deposit in your accounts is not going to be allowed. Therefore, to keep away from inconvenience, it’s instructed that you just make various preparations by one other financial institution, earlier than March 15, 2024.
8. My month-to-month OTT subscription is paid mechanically by UPI from my checking account with Paytm Payments Bank? Can this proceed?
Withdrawal/debit mandates by computerized UPI mandates will proceed to get executed until there may be stability accessible in your account. However, after March 15, 2024, credit score or deposit in your accounts is not going to be allowed. Therefore, to keep away from inconvenience or disruption, it’s instructed that you just make various preparations by one other financial institution, earlier than March 15, 2024.
9. The instalment (EMI) for my mortgage is mechanically paid by my account with Paytm Payments Bank. Can this proceed?
Auto debit mandates will proceed to get executed until there may be stability accessible in your account. However, after March 15, 2024, credit score or deposit in your
accounts is not going to be allowed. Therefore, to keep away from inconvenience, it’s instructed that you just make various preparations for establishing EMI funds by one other financial institution earlier than March 15, 2024.
10.The instalment (EMI) for my mortgage is mechanically paid by my account with a financial institution apart from Paytm Payments Bank. Can this proceed?
Yes, EMIs registered with any financial institution apart from Paytm Payments Bank can proceed.
Paytm Payments Bank Wallet
11. I’ve a pockets with Paytm Payments Bank. Can I proceed to make use of cash from this pockets after March 15, 2024?
Yes. You can proceed to make use of, withdraw or switch to a different pockets or checking account upto the stability accessible within the pockets. Minimum KYC wallets1 can, nevertheless, be used just for service provider funds.
12. I’ve a pockets with Paytm Payments Bank. Can I prime-up or switch cash into this pockets after March 15, 2024? Can I obtain cash from another individual into this pockets after March 15, 2024?
No. After March 15, 2024 you will be unable to prime-up or switch cash into the pockets or obtain any credit, apart from cashbacks, or refunds into this pockets.
13. I’ve a cashback due in my pockets with Paytm Payments Bank. Can I obtain this cashback after March 15, 2024?
Yes. Refunds and cashbacks are allowed to be credited.
14. I’ve a pockets with Paytm Payments Bank. Can I shut this pockets and have the stability transferred to my checking account with one other financial institution?
Yes. You could strategy Paytm Payments Bank or use its banking app to shut your pockets and switch the stability to an account maintained with one other financial institution within the case of full KYC wallets. In the case of minimal KYC Wallets2, you might use the accessible stability or request for a refund.
FASTag issued by Paytm Payments Bank
(for extra particulars on FASTag, you might go to web site of IHMCL https://ihmcl.co.in)
15. I’ve a FASTag issued by Paytm Payments Bank. Can I proceed to make use of it to pay toll after March 15, 2024?
Yes. You can proceed to make use of your FASTag to pay toll upto the accessible stability. However, no additional funding or prime ups shall be allowed within the FASTags issued by Paytm Payments Bank after March 15, 2024. It is recommended that you just procure a brand new FASTag issued by one other financial institution earlier than March 15, 2024 to keep away from any inconvenience.
16. I’ve a FASTag issued by Paytm Payments Bank. Can I recharge the stability after March 15, 2024?
No. After March 15, 2024 you will be unable to prime-up or recharge your FASTag issued by Paytm Payments Bank. It is recommended that you just procure a brand new FASTag issued by one other financial institution earlier than March 15, 2024 to keep away from any inconvenience.
17. Can I switch the stability from my previous FASTag issued by Paytm Payments Bank to a brand new FASTag obtained from one other Bank?
Credit stability switch characteristic will not be accessible within the FASTag product. Therefore, you’ll have to shut your previous FASTag issued by Paytm Payments Bank and request the financial institution for a refund.
National Common Mobility Card (NCMC) issued by Paytm Payments Bank
18. I’ve an NCMC card issued by Paytm Payments Bank. Can I proceed to make use of it after March 15, 2024?
Yes. You can proceed to make use of your NCMC card upto the accessible stability.
However, you will be unable to load or prime up funds into the cardboard after March 15, 2024. To keep away from inconvenience, it’s instructed that you just acquire an NCMC card issued by one other financial institution or non-financial institution pre-paid instrument (PPI) issuer, earlier than March 15, 2024.
19. I’ve an NCMC card issued by Paytm Payments Bank. Can I add to its stability by prime-up, recharge, and many others. after March 15, 2024?
No. After March 15, 2024 you will be unable to prime-up or recharge your NCMC card issued by Paytm Payments Bank. In order to keep away from inconvenience, it’s instructed that you just acquire an NCMC card issued by one other financial institution or non-financial institution pre-paid instrument (PPI) issuer, earlier than March 15, 2024.
20. Can I switch the stability from my previous NCMC card issued by Paytm Payments Bank to a brand new card obtained from one other Bank?
The stability switch characteristic will not be accessible within the NCMC card. Therefore, you might use the cardboard upto the accessible stability. In case you will have some extra stability which you haven’t been in a position to make use of, you might request Paytm Payments Bank for a refund.
Merchants utilizing Paytm Payments Bank to obtain funds
21. I’m a service provider and I settle for funds utilizing a Paytm QR code, Paytm soundbox or Paytm POS terminal, linked to a different checking account (not with Paytm Payments Bank). Can I proceed to make use of this set-up even after March 15, 2024?
Yes. If your receipt and switch of funds is linked to any checking account apart from Paytm Payments Bank, you may proceed to make use of this association even after March 15, 2024.
22. I’m a service provider and I settle for funds utilizing a Paytm QR code, Paytm soundbox, Paytm POS terminal linked to my checking account or pockets with Paytm Payments Bank. Can I proceed to make use of this set-up even after March 15, 2024?
No. After March 15, 2024 you will be unable to obtain any credit score into your checking account or pockets with Paytm Payments Bank apart from refunds, cashbacks, sweep-in from accomplice banks or curiosity. In order to keep away from any inconvenience or disruption, it’s instructed that you could be acquire a recent QR code linked to an account with one other financial institution or pockets to obtain funds. You may additionally change your checking account particulars (during which you obtain funds) by your service supplier.
Bharat Bill Payment System (BBPS)
23. Can I make funds by the Bharat Bill Payment System (BBPS) utilizing my account with Paytm Payments Bank?
Yes. You can proceed to make funds out of your Paytm Payments Bank account by Bharat Bill Payment System upto the stability accessible in your account. Since you will be unable to credit score any additional funds into your accounts or wallets with Paytm Payments Bank after March 15, 2024, it’s suggested that you could be make various preparations with one other checking account for BBPS earlier than March 15, 2024.
Aadhaar enabled Payment System (AePS)
24. Can I make withdrawals from my Paytm Payments Bank account with biometric authentication underneath Aadhaar enabled Payment System?
Yes. You can proceed to withdraw utilizing the AePS authentication, upto the stability accessible in your account. Money Transfer by UPI/ IMPS
25. Can I switch my cash into my Paytm Payments Bank account by UPI/ IMPS after March 15, 2024?
No. You can not switch the cash into your Paytm Payments Bank account after March 15, 2024.
26. Can I withdraw my cash from my Paytm Payments Bank account by UPI/ IMPS after March 15, 2024?
Yes. You can withdraw your cash from Paytm Payments Bank account by UPI/ IMPS upto the stability accessible in your account. Paytm Payments Bank Business Correspondent
27. I’ve an account with Paytm Payments Bank. Can the Paytm Payments Bank Business Correspondent (additionally known as Paytm Payments Bank Agent) assist me in withdrawing funds from my account after March 15, 2024.
Yes. The Paytm Payments Bank Business Correspondent (Bank Agent) can assist you to withdraw cash out of your checking account upto the stability accessible in your account.
Accounts frozen, lien marked and many others.
28. What will occur to my Paytm Payments Bank account/pockets if there’s a lien or freeze marked on the instructions of Law Enforcement or judicial
authorities?
Any lien or freeze (full or partial) marked as per the directions of any regulation enforcement or judicial authorities on the account/pockets of a buyer with Paytm Payments Bank will proceed to be ruled by the orders handed by such authorities.
29. What will occur to my Paytm Payments Bank account/ pockets if there’s a lien or freeze marked on account of inside insurance policies of Paytm Payments Bank?
The financial institution has been directed to permit withdrawal or switch to a different checking account of the shopper, upto the accessible stability within the account/wallets. Onboarding of recent prospects
30. What is the standing of the Business restriction positioned on Paytm Payments Bank vide RBI Press Release dated March 11, 2022?
The enterprise restriction dated March 11, 2022, prohibiting Paytm Payments Bank from onboarding any new prospects for any of its companies continues to be in power. Hence, Paytm Payments Bank can not onboard any new prospects after March 11, 2022.
Meanwhile, Vijay Shekhar Sharma, Paytm founder and CEO, in a submit on X stated: “Paytm QR, Soundbox and EDC (card machine) will continue to work like always, even after March 15… Do not fall for any rumour or let anyone deter you to championing Digital India!”.
In March, 2022, the RBI had barred PPBL from onboarding new prospects with instant impact.
One97 Communications Ltd (OCL), which owns the Paytm model, holds a 49 per cent stake in PPBL, however classifies it as an affiliate and never as a subsidiary.
The central financial institution additional stated settlement of all pipeline transactions in nodal accounts (in respect of all transactions initiated on or earlier than February 29, 2024) shall be accomplished by March 15, 2024 and no additional transactions shall be permitted thereafter.
However, the RBI added the nodal accounts of OCL and Paytm Payments Services Ltd maintained by PPBL are to be terminated on the earliest, in any case not later than February 29, 2024.
