RBI releases Paytm Payments Bank FAQs. Check what happens to wallets, FASTags

The Reserve Bank of India (RBI) has actually revealed an extension of the due date for the operations of Paytm Payments Bank Limited.

Formerly, the reserve bank had actually advised Paytm Payments Bank to stop particular essential operations after February 29, 2024. This due date has actually now been extended to March 15, 2024, supplying a quick reprieve for the fintech business and the users.

In a quote to offer clearness in the middle of the continuous crisis, the reserve bank has actually launched a set of Frequently Asked Questions (FAQs) detailing the services that will stay practical for Paytm Payments Bank till the modified due date of March 15, 2024.

What takes place to wallet services, FASTags, and NCMC cards?

• Wallet services, FASTags, and NCMC cards provided by Paytm Payments Bank can be utilized till the balance is tired, however no top-ups or recharges will be enabled after March 15, 2024.
• Clients are recommended to acquire brand-new FASTags or NCMC cards from other banks to prevent hassle.

What takes place to checking account with Paytm Payments Bank?

• Clients can continue to withdraw cash from their cost savings or bank accounts with Paytm Payments Bank till March 15, 2024.
• Debit cards provided by Paytm Payments Bank can still be utilized for withdrawals or transfers up until the very same date.

What takes place to deposits and transfers?

• Deposits or transfers into Paytm Payments Bank accounts will not be allowed after March 15, 2024, other than for specific acceptable credits such as interest, cashbacks, sweep-ins from partner banks, or refunds.
• Existing deposits kept with partner banks through ‘sweep in/out’ plans can be reminded Paytm Payments Bank accounts within defined limitations.

What occurs to service operations for merchants?

• Merchants utilizing Paytm QR codes, soundboxes, or POS terminals connected to Paytm Payments Bank accounts will require to make alternative plans for getting payments after March 15, 2024.

Wage and federal government advantages:

• Salary credits to Paytm Payments Bank accounts will stop after March 15, 2024. Clients are recommended to make alternative plans.
• Aids or direct advantage transfers connected to Aadhar will likewise not be credited into Paytm Payments Bank accounts post the pointed out due date.

Automatic payments and EMIs:

• Automatic payments for services such as electrical power expenses, OTT memberships, and EMIs will continue up until there is a balance readily available in the account. No additional credits or deposits will be enabled after March 15, 2024.

The extension of the due date supplies consumers with extra time to make essential plans and shifts.