According to the Central Bank, no credits or deposits other than interest, cashbacks, sweep-ins from partner banks, or refunds can be credited.
First and foremost, customers who have a savings or current account with Paytm Payments Bank will be unable to deposit funds into their accounts.
However, you can still use, withdraw, or transfer funds from your account up to the available balance.
Refunds, cashbacks, sweep-ins from partner banks, and interest are all authorised, as credit into the account after March 15, 2024.
"The existing Deposits of Paytm Payments Bank customers maintained with partner banks can be brought back (sweep-in) to the accounts with Paytm Payments Bank, subject to the ceiling on balance prescribed for a Payments Bank (Rs 2 lakh per individual customer at the end of day)," the Reserve Bank of India (RBI) stated.
However, no new deposits with partner banks via Paytm Payments Bank would be permitted after March 15.
If your salary is credited to your Paytm Payments Bank account after the deadline, you will not be able to receive any more credits.
Withdrawal/debit mandates, such as National Automated Clearing House (NACH) mandates, shall be fulfilled until there is a balance in your account.
Withdrawal/debit mandates, such as National Automated Clearing House (NACH) mandates, shall be fulfilled until there is a balance in your account.
"However, after March 15, 2024, credit or deposits into your accounts will be prohibited. Therefore, to avoid trouble, it is advisable that you make alternate arrangements with another bank before March 15, 2024," the RBI stated in its instructions.
Merchants who use Paytm Payments Bank to collect payments, if their reception and transfer of funds is tied to a bank account other than Paytm Payments Bank, can continue to use this arrangement after March 15.
However, starting of March 15, "you will not be able to receive any credit into your bank account or wallet with Paytm Payments Bank other than refunds, cashbacks, sweep-in from partner banks or interest."
Merchants who use Paytm Payments Bank to collect payments, if their reception and transfer of funds is tied to a bank account other than Paytm Payments Bank, can continue to use this arrangement after March 15.
However, starting of March 15, "you will not be able to receive any credit into your bank account or wallet with Paytm Payments Bank other than refunds, cashbacks, sweep-in from partner banks or interest."
To accept payments, it is recommended that a user obtain a new QR code that is linked to another bank or wallet account. One can also modify their bank account information (from which they get payments) through their service provider.
On Friday, the National Payments Corporation of India (NPCI) approved One97 Communications Limited (OCL), Paytm's parent business, to participate in the unified payments interface (UPI) as a third-party application provider (TPAP) under a multi-bank model.
Four banks (Axis Bank, HDFC Bank, State Bank of India, and YES Bank) will operate as PSP (payment system provider) banks for OCL.
"YES Bank shall also be acting as merchant acquiring bank for existing and new UPI merchants for OCL," said the National Payments Corporation of India.
Meanwhile, the National Highways Authority of India (NHAI) has instructed Paytm FASTag users to obtain a fresh FASTag issued by another bank by March 15. They can utilise their existing balance to pay the toll after the specified date.
On Friday, the National Payments Corporation of India (NPCI) approved One97 Communications Limited (OCL), Paytm's parent business, to participate in the unified payments interface (UPI) as a third-party application provider (TPAP) under a multi-bank model.
Four banks (Axis Bank, HDFC Bank, State Bank of India, and YES Bank) will operate as PSP (payment system provider) banks for OCL.
"YES Bank shall also be acting as merchant acquiring bank for existing and new UPI merchants for OCL," said the National Payments Corporation of India.
Meanwhile, the National Highways Authority of India (NHAI) has instructed Paytm FASTag users to obtain a fresh FASTag issued by another bank by March 15. They can utilise their existing balance to pay the toll after the specified date.
