Paytm Payments Bank deadline: Services you can use after March 15

Paytm Payments Bank deadline: Here's a list of services that you can use on Paytm after March 15 deadline

Updated on: Mar 13, 2024, 07:14:27 IST

By HT News Desk

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Paytm Payments Bank deadline: The Reserve Bank of India (RBI) barred Paytm Payments Bank Ltd (PPBL) from accepting fresh deposits or top-ups from March 15. The central bank detailed restrictions imposed on the Paytm Payments Bank in its Frequently Asked Questions (FAQs) released on February 16. As per the RBI, here's a list of services that you can use on Paytm after March 15 deadline:

Paytm Payments Bank deadline: A QR code for the Paytm digital payment system at a store in Mumbai, India. (Bloomberg)

Read more: Paytm Fastag Deactivate: How to do it, a step by step guide for you

Withdraw money from Paytm Payments Bank: User can continue to withdraw, use and transfer funds from your account even after the deadline.
Refunds in Paytm Payments Bank: Users can get refunds, cashbacks, sweep-in from partner banks or interest credited into your account even after March 15.
Electricity bill automatic deduction: If there is balance in your account, withdrawal/debit mandates (such as National Automated Clearing House (NACH) mandates) will continue. Although, credit or deposit in your accounts will not be allowed. Read more: Paytm invalid for FASTag: These are 32 authorised banks you can use
OTT subscription automatic deduction: This will also continue although credit or deposit in your accounts will not be allowed.
EMI automatically paid: Auto debit mandates will continue till there is balance available in your account. But since credit or deposit in your accounts will not be allowed, alternative arrangements must be made for setting up EMI payments through another bank. Read more: Paytm FASTag: Can I continue to use it to pay toll? Check RBI FAQs for customers
Wallet money: You can use, withdraw or transfer to another wallet or bank account up to the balance available in the wallet.
Cashbacks: Refunds and cashbacks are allowed to be credited even after March 15. You can close your wallet and transfer the balance to an account maintained with another bank after approaching Paytm Payments Bank.
FASTag: You can use your FASTag to pay toll upto the available balance but top ups will not be allowed after March 15.

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HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

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