Today is the deadline for the services of Paytm Payments Bank Ltd. (PPBL) ordered by the Reserve Bank Of India. We already shared the list of operational and non-operational services which will be affected by 15 March 2024. Here is another list of Paytm services that will stop working after 15 March 2024. These services will stop working due to the restrictions imposed by the Central Bank Of India on PPBL. The Central Bank of India enforced these restrictions citing persistent non-compliance and carrying on material supervisory concerns on 31 January 2024.
The RBI Set The Deadline Of Paytm Payments Bank Services
As per the orders of the RBI, all the financial services of PPBL, including fresh top-ups or deposits, are halted. Earlier the deadline was set for 29 February 2024 which was later extended for 15 March 2024. After extending the deadline of PPBL, the RBI issued a series of Frequently Asked Questions (FAQs) to clear the confusion and to give detailed clarity to the customers who were perplexed about the ensuing restrictions on the services of the bank.
List Of Services That Will Continue To Work Even After 15 March 2024
1 Money debited from Paytm Payments Bank Ltd.:
Users or customers of PPBL will be able to transfer or withdraw funds from their accounts up to the available balance. The transactions from a Debit Card are also allowable within this limit.
2 OTT Subscription and Electricity Bill Payments:
Paytm wallets or accounts will make automatic deductions for monthly expenses such as OTT subscriptions or electricity/ phone bills till there are sufficient balances available in the account.
3 Refunds:
Cashbacks, refunds, sweep-ins from partner banks, or interest can still be credited to the accounts of PPBL customers even after 15 March 2024.
4 Auto withdrawals for EMIs-
Those who are getting worried about their EMIs will be able to pay them through their Paytm Wallet or account but only for a certain period until their balance will get 0. As soon as their funds get negative they won’t be able to make any payment including EMIs, hence it is advisable to make other arrangements for EMI payments via another bank.
5 FASTag and Wallet Usage-
Customers can use their available balance for numerous transactions, including transferring money to other wallets or accounts. Furthermore, existing FASTags issued by PPBL will be effective until the available balance is depleted. However, customers are suggested to obtain a new FASTag from another bank before the deadline.
List Of Services That Will Not Be Operational
- Salary Credit: Those who used their Paytm accounts for their salary credit will not be able to do it after the deadline. According to orders, salary credits will not be accepted in PPBL accounts.
- Wallet top-ups and transfers: Users will not be allowed to do any kind of transactions or top-ups into their Paytm wallets after the deadline, however cashback or refund policy is still active.
- Subsidies or Direct Benefit Transfers: Credits of subsidies or certain direct benefit transfers will stop working after the deadline.
- Deposit into Paytm Payments Bank Accounts: After 15th March 2024, no deposits will be accepted into the accounts of Paytm Payments Bank except for refunds, interest, sweep-ins, or cashback.
- The parent company of Paytm, One97 Communications Limited (OCL) offers UPI services as a Third-Party Application Provider (TRAP). With this service, Paytm will continue to work even after the deadline.
