Paytm QR, soundbox and EDC to work post March 15, RBI issues FAQs on Paytm payments bank

Paytm information: The Reserve Bank of India (RBI) right now (February 16) gave a 15-day rest to Paytm payments bank on accepting deposits. The final date will now be March 15 (Friday) from the sooner date of February 29. The central bank additionally issued a set of steadily requested questions (FAQs) after a number of queries have been despatched by prospects to the bank. 

The FAQs are as under:

1. Customers can proceed to use, withdraw or switch your funds from their account upto the obtainable stability within the account. Similarly, they will proceed use debit card to withdraw or switch funds upto the obtainable stability within the account.
2. After March 15, 2024, Customers will be unable to deposit cash into their accounts 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. Refunds, cashbacks, sweep-in from accomplice banks or curiosity are permitted credit into their account even after March 15, 2024.
4. The current Deposits of Paytm Payments Bank prospects maintained with accomplice banks could 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 constructing obtainable the balances to be used or withdrawal by the client will proceed to be allowed. However, no contemporary deposits with accomplice banks via Paytm Payments Bank will probably be allowed after March 15, 2024.
5. After March 15, 2024, prospects will be unable to obtain any such credit (like Salary) into the account with Paytm Payments Bank. It is recommended that prospects make various preparations with one other bank earlier than March 15, 2024 to keep away from inconvenience.
6. After March 15, 2024, prospects will be unable to obtain any such credit score (subsidy or sure direct profit transfers) under consideration with Paytm Payments Bank. Please prepare to change linked account to one other bank earlier than March 15, 2024 to keep away from any inconvenience or disruption.
7. Withdrawal/debit mandates (corresponding to National Automated Clearing House (NACH) mandates) will proceed to get executed until there may be stability obtainable 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 urged that you simply make various preparations via one other bank, earlier than March 15, 2024.
8. Withdrawal/debit mandates via computerized UPI mandates will proceed to get executed until there may be stability obtainable 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 urged that you simply make various preparations via one other bank, earlier than March 15, 2024.
9. Auto debit mandates will proceed to get executed until there may be stability obtainable 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 urged that you simply make various preparations for establishing EMI payments via one other bank earlier than March 15, 2024.
10. EMIs registered with any bank apart from Paytm Payments Bank can proceed.
11. Paytm Payments Bank Wallet: Customers can proceed to use, withdraw or switch to one other pockets or bank account upto the stability obtainable within the pockets. Minimum KYC wallets can nonetheless, be used just for service provider payments.
12. After March 15, 2024 you will be unable to top-up or switch cash into the pockets or obtain any credit, apart from cashbacks, or refunds into this pockets.
13. Refunds and cashbacks are allowed to be credited.
14. You might method Paytm Payments Bank or use its banking app to shut your pockets and switch the stability to an account maintained with one other bank within the case of full KYC wallets. In the case of minimal KYC Wallets2, it’s possible you’ll use the obtainable stability or request for a refund.
15. You can proceed to use your FASTag to pay toll upto the obtainable stability. However, no additional funding or prime ups will probably be allowed within the FASTags issued by Paytm Payments Bank after March 15, 2024. It is recommended that you simply procure a brand new FASTag issued by one other bank earlier than March 15, 2024 to keep away from any inconvenience.
16. After March 15, 2024 you will be unable to top-up or recharge your FASTag issued by Paytm Payments Bank. It is recommended that you simply procure a brand new FASTag issued by one other bank earlier than March 15, 2024 to keep away from any inconvenience.
17. Credit stability switch function shouldn’t be obtainable within the FASTag product. Therefore, you should have to shut your previous FASTag issued by Paytm Payments Bank and request the bank for a refund.
18. You can proceed to use your NCMC card upto the obtainable stability. However, you will be unable to load or prime up funds into the cardboard after March 15, 2024. In order to keep away from inconvenience, it’s urged that you simply receive an NCMC card issued by one other bank or non-bank pre-paid instrument (PPI) issuer, earlier than March 15, 2024.
19. After March 15, 2024 you will be unable to top-up or recharge your NCMC card issued by Paytm Payments Bank. In order to keep away from inconvenience, it’s urged that you simply receive an NCMC card issued by one other bank or non-bank pre-paid instrument (PPI) issuer, earlier than March 15, 2024.
20. Balance switch function shouldn’t be obtainable within the NCMC card. Therefore, it’s possible you’ll use the cardboard upto the obtainable stability. In case you’ve got some extra stability which you haven’t been in a position to use, it’s possible you’ll request Paytm Payments Bank for a refund.
21. Merchants utilizing Paytm Payments Bank to obtain payments can settle for payments utilizing a Paytm QR code, Paytm soundbox or Paytm POS terminal, linked to one other bank account (not with Paytm Payments Bank). If your receipt and switch of funds is linked to any bank account apart from Paytm Payments Bank, you’ll be able to proceed to use this association even after March 15, 2024.
22. Merchants accepting payments utilizing a Paytm QR code, Paytm soundbox, Paytm POS terminal linked to my bank account or pockets with Paytm Payments Bank can not proceed to use this set-up even after March 15, 2024. After March 15, 2024 you will be unable to obtain any credit score into your bank 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 urged that you could be receive a contemporary QR code linked to an account with one other bank or pockets to obtain payments. You might also change your bank account particulars (through which you obtain payments) via your service supplier.
23. You can proceed to make payments out of your Paytm Payments Bank account via Bharat Bill Payment System upto the stability obtainable 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 bank account for BBPS earlier than March 15, 2024.
24. You can proceed to withdraw utilizing the Aadhar enabled Payment System (AePS) authentication, upto the stability obtainable in your account.
25. Money Transfer via UPI/ IMPS: You can not switch the cash into your Paytm Payments Bank account after March 15, 2024.
26. You can withdraw your cash from Paytm Payments Bank account via UPI/ IMPS upto the stability obtainable in your account.
27. The Paytm Payments Bank Business Correspondent (Bank Agent) can assist you to withdraw cash out of your bank account upto the stability obtainable in your account.
28. 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. The bank (Paytm Payments Bank) has been directed to enable withdrawal or switch to one other bank account of the client, upto the obtainable stability within the account / wallets. Onboarding of recent prospects.
30. The enterprise restriction dated March 11, 2022, prohibiting Paytm Payments Bank from onboarding any new prospects for any of its providers continues to be in drive. 

Hence, Paytm Payments Bank can not onboard any new prospects after March 11, 2022. In response to the FAQs issued by the central bank, Paytm founder Vijay Shekhar Sharma posted on X, “Paytm QR, Soundbox and EDC (card machine) will continue to work like always, even after March 15. The latest FAQ issued by RBI on point #21 clarifies it unambiguously. Do not fall for any rumour or let anyone deter you to championing Digital India!”

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