New Delhi: Paytm Payments Bank Ltd has been barred by The Reserve Bank of India(RBI) from accepting contemporary deposits or top-ups after 15 March 2024. This resolution comes after the RBI cited persistent non-compliance and continued materials supervisory considerations. Earlier, the deadline was on twenty ninth february nevertheless it received prolonged by 15 days to March 15, 2024.
The RBI issued a collection of Frequently Asked Questions (FAQs) to supply Paytm clients detailed details about the constraints positioned on the Paytm Payments Bank on February 16, 2024.
According to the RBI, here’s a compilation of companies obtainable to be used on Paytm after the March 15 deadline:
-Withdraw cash from Paytm Payments Bank: Users can nonetheless entry, make the most of, and switch cash from their accounts even after the deadline. (Also Read: Ace investor Madhusudan Kela Becomes Latest Target Of DeepFake Showing Bid To Offer ‘Hefty Returns’)
-Refunds in Paytm Payments Bank: Even after March 15, customers can nonetheless obtain refunds, cashbacks, sweep-ins from associate banks, or curiosity credited into their accounts. (Also Read: Markets Trade Firm On Buying In Bank Stocks; Sensex Climbs 376 Points In Early Trade)
-Monthly Electricity Bill Deduction: If your account maintains a steadiness, withdrawal or debit mandates (like National Automated Clearing House (NACH) mandates) will persist, however no credit or deposits might be permitted.
-OTT subscription is mechanically paid month-to-month: Withdrawal or debit mandates, like National Automated Clearing House (NACH) mandates, will stay lively so long as there’s a steadiness in your account. However, after March 15, 2024, no credit or deposits might be permitted in your accounts.
-Automatic EMI Payments: Debit mandates will persist so long as there is a steadiness in your account. However, since no credit or deposits might be permitted, you will want to rearrange various strategies for organising EMI funds with one other financial institution.
-Paytm Payments Bank pockets cash: You can nonetheless make the most of, withdraw, or switch funds to a different pockets or checking account so long as there is a steadiness obtainable within the pockets. However, minimal KYC wallets are restricted to service provider funds solely.
-Cashback due in pockets after deadline: Refunds and cashbacks can nonetheless be credited even after March 15. You have the choice to shut your pockets and switch the remaining steadiness to an account held with one other financial institution after contacting Paytm Payments Bank.
-FASTag Usage: You can make the most of your FASTag to pay tolls so long as there’s a steadiness obtainable, however high ups won’t be permitted after March 15.
Source: zeenews.india.com
