We are all known about latest PayTM default episode and RBI’s FAQ. Here as latest guide lines that helps for Paytm customers makes it clear that while most of Paytm Paynents Bank functions will be halted. The digital infrastructure that the company has built for UPI payments will continue both for customers and shopkeepers who do not have accounts in PPBL.
What happens after RBI’s extended deadline of March 15?
There are no fresh deposits into any Paytm account whether it is bank account, wallet, Fastag, food wallet are allowed.
PayTM Banks eposits are not allowed include automatic credits like salaries, subsidies or government benefit transfers.
However, it is excludes interest payments, refunds, cashbacks, or sweep-in from partner banks which customers signed up earlier for maintaining higher deposits.
What should PayTM Fastag holders do?
Fastag holders can add balances until March 15 for immediate requirements. Thereafter, they will have to close the Fastag issued by Paytm and apply for a fresh one from another bank or fastag providers. The balance, if any, under the closed Fastag would be refunded.
Any restrictions on withdrawal of money from Paytm accounts?
What are the channels that are available for withdrawal?
There are no restrictions. All the existing channels including bank transfer, business correspondent and UPI will be available for withdrawing funds from PPBL.
What should those having Paytm transit card used in metros and buses do?
You can top-up these transit cards up to March 15, 2024. Thereafter, you can use the cards only until the balance amount is exhausted. RBI has advised acquiring a new NCMC card from another provider.
Can Paytm wallet balances be transferred to another bank?
Only for full KYC wallets will be able to transfer money to other bank accounts. In non-KYC wallets, the money will have to be spent for payments.
Can shops with Paytm card swipe machines continue to use them after March 15?
Not if their account is linked to PPBL. Paytm has also issued POS machines on behalf of other banks which will work.
What about standing instructions including bill payment, EMIs, or UPI standing instructions through Paytm Bank?
These finctions can continue until the paytm wallet balance runs out.
Can payments be made using Paytm app after the extended date?
Where the Paytm handle is linked to any other bank other than Paytm Payments Bank, it will continue to work.
Will shopkeepers be able to use their Paytm QR code for accepting UPI after the new deadline?
Yes, if their Paytm QR code is not linked to Paytm Payments Bank. As only a fraction of merchants have opened new accounts with PPBL, most of the QR codes and soundboxes will continue to work.
Crux
In sort, if you are connected in any way with Paytm Bank, you need to think about your further financial planning post 15th. March 2024. Hope, this questionaries are help to clear clouds of your doubts about paytm bank’s current senario. Ref-TOI
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