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

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

What will happen to Wallet Service, FASTags, and NCMC cards?
RBI has FAQs released It has been said that Paytm Payments Bank’s wallet service, FASTags, and NCMC cards can be used till the balance is exhausted, but after March 15, topup recharge cannot be done on them. To avoid inconvenience, users have been advised to purchase Fastag or NCMC cards of other banks.

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 Money can still be withdrawn from the Debit Card issued by Paytm Payments Bank.

Will deposits and transfers be possible through Paytm Payments Bank?
After March 15, 2024, deposits and transfers will not be possible through Paytm Payments Bank except for certain eligible credits like interest, cashback, sweep-in or refund from partner banks. Through the ‘Sweep In/Out’ service, existing deposits with partner banks can be brought back to Paytm Payments Bank accounts within the specified limit.

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

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

What will happen to automatic payments and EMIs?
Automatic payments for electricity bills, OTT subscriptions, and EMIs will continue till the balance in the account remains. But after March 15, no credit can be done in the account.