Paytm Payments Bank new deadline 15 march 2024 RBI Release FAQs know details

RBI has tried to resolve the doubts that users have in their minds regarding Paytm Payments Bank. The Reserve Bank has issued answers to all the questions that a Paytm user may have regarding Paytm Payments Bank at this time. Apart from this, the deadline of 29 February has now been extended to 15 March. This is a big relief for Paytm. Now all operations of Paytm Payments Bank will continue till 15 March. Meanwhile, let’s take a look at the FAQs issued by the Reserve Bank-

What will happen to wallet services, FASTags, and NCMC cards?
The RBI FAQs issued tax has said that Paytm Payments Bank Wallet service, FASTags, and NCMC cards of can be used till the balance is exhausted, but top-up recharges cannot be done after March 15. To avoid inconvenience, users have been advised to buy FASTag or NCMC cards of other banks.

What will happen to the bank accounts of Paytm Payments Bank?
Customers can withdraw money from Paytm Payments Bank bank accounts, whether it is a savings account or a current account, till March 15, 2024. Money can still be withdrawn from the Debit Card issued by Paytm Payments Bank.

Will deposit and transfer be possible from Paytm Payments Bank?
Deposits and transfers will not be possible from Paytm Payments Bank except for certain allowable credits such as interest, cashback, sweep-in from partner banks or refunds after March 15, 2024. Existing deposits with partner banks can be brought back to Paytm Payments Bank accounts within specified limits through the ‘Sweep In/Out’ service.

What will happen to the business operations of merchants?
Merchants using Paytm QR code, Soundbox, or POS will have to make arrangements for another facility to receive payments after March 15, 2024.

What will happen to the salary and benefits received from the government?
Salary credits to Paytm Payments Bank accounts will stop after March 15, 2024. Customers have been advised to look for other options. Subsidies and direct benefits will also not be received in Paytm Payments Bank accounts after this date.

What will happen to automatic payments and EMIs?
Automatic payments for electricity bills, OTT subscriptions, and EMIs will continue as long as there is balance in the account. But after March 15, no credit can be made to the account.