Paytm Payments Bank: Services Operational and Non-Operational by March 15

Accessible and Non Accessible Services Of Paytm Payments Bank

As per the orders of the Reserve Bank of India, the account holders of Paytm Payments Bank will not be able to use their accounts after March 15th. Earlier, the Central Bank of India ordered PPBL to halt all financial services and set the deadline for February 29, which was later extended to March 15, 2024. Moreover, the RBI has advised PPBL to stop accepting new deposits in the accounts and to make proper arrangements for its users to facilitate the services for its customers after the deadline.

The Paytm Payments Bank is working to bring on board other financial institutions to offer different services on the Paytm app; however, most of the services will stop working after March 15th. Moreover, Paytm has shared lists of all services that will work and not work after the deadline of the RBI. 

The Financial Services That Will Continue To Work Even After The Deadline

1. Money Withdrawal: The users of PPBL will be able to use the existing amount from their Paytm wallet and account.
2. Refund And Cashback: Even after the deadline, the users will be able to get refunds, cashback, and other credits such as interest payments into their PPBL accounts and sweep-in transactions from partnering banks. 
3. Merchant Payments: Despite the restriction imposed by the Central Bank, the users can make merchant payments through their Paytm Payments Bank wallet.
4. Debit mandates (such as NACH mandates) or executing withdrawal from the PPBL account, as long as there is a balance available. 
5. Closing PPBL wallet: PPBL account holders will have the option to choose the wallet as well as transfer the money to another bank account.
6. Money withdrawal using UPI: The option of withdrawing the money from the Paytm bank account using IMPS or UPI will be available to the users who hold their accounts in Paytm bank. 
7. Fastags will be available, but up to balance is available. However, users would not get the option to add more accounts. 
8. Not to mention, monthly OTT payments can be made using the current amount; however, the users will need to use a different bank account to make these payments after 15th March 2024. 

Services That Will Be Halt After The Deadline

After learning about the active services of Paytm Bank even after the deadline, now it is time to know the services that will be permanently halted after the deadline. 

• Users will not be able to do top-ups in their accounts, wallet and Fastag will not be available
• Existing users will not be able to get money from other users into the PPBL account or wallet. 
• Salary including other direct benefit transfers will not be available 
• Moreover, the Fastag balance issued in Paytm can not be transferred to other Fastags
• Services for transferring money into the Paytm Payments Bank account via UPI/IMPS

We are suggesting the account holders of Paytm Payments Bank switch their UPI links to other banks to run a smooth and uninterrupted UPI transaction.