Paytm Payment Bank Deadline: The RBI recommends customers make alternative arrangements for setting up EMI payments and receiving payments via other banks or wallets before the deadline.
These Services Is Going To Stop From Today
- Customers of Paytm Payments Bank can no longer make deposits into their accounts, but they can still withdraw and transfer funds.
- Users will no longer receive salary credits, direct benefit transfers, or subsidies in their Paytm Payments Bank accounts, but they will continue to receive refunds, cashbacks, and sweep-ins from partner banks.
- Users are unable to top up or transfer funds from their Paytm wallets, but they can still use the money in their wallet to make payments.
- Customers will be unable to recharge their FASTag issued by Paytm Bank.
ALSO READ: Yes Bank, Axis Bank, HDFC & SBI is Ready-to-Go live on Paytm’s Platform- NCMC cards recharge through Paytm Bank is not possible.
- Users will not be able to transfer funds to PPB accounts via UPI or IMPS.
- Auto Debit EMIs will continue until the PPBL account balance is maintained.
- Customers can still pay for subscriptions with their Paytm balance, but they will need to use a different bank account starting March 15.
- UPI Migration: Customers and merchants with ‘@paytm’ handles will be seamlessly transferred to other banks to avoid disruptions.
However, after the Paytm Payment Bank Deadline 15th March, the Paytm app will remain operational. If you don’t have a Paytm Payments Bank account, your services will continue to function normally. You can continue to utilize UPI services through the Paytm app, provided it remains linked to another bank. Today, March 15 (Friday) was the deadline for Paytm Payments Bank (PPBL), following earlier restrictions imposed on the bank by RBI.
Initially prohibited from accepting new deposits and conducting credit transactions after February 29, the central bank later extended the deadline to March 15 due to persistent non-compliance issues and supervisory concerns identified in comprehensive audits. Customers of PPBL are concerned about the potential disruption in services following the deadline.
NPCI Approval
Paytm’s parent company, One97 Communications, has received approval from the National Payments Corporation of India (NPCI) to continue providing UPI services as a Third-Party Application Provider (TPAP). Under this new arrangement, Paytm will collaborate with banks such as SBI, Yes Bank, Axis Bank, and HDFC Bank to handle payment services for Paytm users.
Also Read: Yes Bank, Axis Bank, HDFC & SBI is Ready-to-Go live on Paytm’s Platform
