Paytm Payments Bank has been subject to certain restrictions by the Reserve Bank of India (RBI), which has granted them till March 15th. The RBI has instructed Paytm Payments Bank to cease taking deposits from new account holders as of March 1 by these limitations. In addition, the bank has recommended that Paytm keep offering its users several crucial services after February 29. Although Paytm Payments Bank is presently collaborating with other financial institutions to continue offering a wide range of services on the Paytm app, certain services will no longer be available after March 15.
Which offerings will continue after March 15th?
Will be able to withdraw money: You will be able to take money out of your wallet or Paytm Payments bank account. Partner banks will continue to offer sweep-in, cashback, and refunds. Additionally, interest will continue to be put into your Paytm Payments Bank account. As long as there is money in your Paytm Payments Bank account, you can deposit or withdraw money from it.
Paytm Payments Bank Wallet
will not be accepted at stores for payments. You have the option to close your wallet and move the funds to another bank account. To the extent of your balance, you will be able to use Fastag. You will not be able to add money to Fastag.
You will be able to use IMPS or UPI
to withdraw funds from your Paytm Payments Bank account. You may use your current balance to make monthly OTT payments up until March 15; beyond that date, you will need to utilize a different bank account.
Which services will cease operations on March 15th?
– You won’t be allowed to fund your wallet, Fastag, or account with more funds.
It will be impossible for anyone to send you money.
– Your pay or any other government benefits cannot be paid into this account directly.
– Money cannot be transferred from the issued Fastag to any other Fastag.
– You won’t be allowed to deposit UPI or IMPS.
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