RBI after exercising its power, took action against Paytm Payments Bank and had put certain business restrictions under section 35A of the Banking Regulation Act, 1949.
Reetu | Feb 16, 2024 |
RBI released FAQs related to Business restrictions imposed on Paytm Payments Bank
The Reserve Bank of India (RBI) after exercising its power, took action against Paytm Payments Bank and put certain business restrictions under section 35A of the Banking Regulation Act, 1949.
For the convenience of the customers of PPBL, and the general public at large, a list of Frequently Asked Questions (FAQs) issued herewith.
The Frequently Asked Questions are as follows:
Bank Accounts with Paytm Payments Bank
Yes. You can continue to use, withdraw or transfer your funds from your account upto the available balance in your account. Similarly, you can continue to use your debit card to withdraw or transfer funds upto the available balance in your account.
No. After March 15, 2024, you will not be able to deposit money into your account with Paytm Payments Bank. No credits or deposits other than interest, cashbacks, sweep-in from partner banks or refunds are allowed to be credited.
Yes. Refunds, cashbacks, sweep-in from partner banks or interest are permitted credits into your account even 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 (i.e. Rs.2 lakh per individual customer at the end of day). Such sweep-ins for the purpose of making available the balances for use or withdrawal by the customer will continue to be allowed. However, no fresh deposits with partner banks through Paytm Payments Bank will be allowed after March 15, 2024.
No, after March 15, 2024, you will not be able to get such credits in your Paytm Payments Bank account. It is recommended that you make alternative arrangements with another bank by March 15, 2024, to avoid difficulty.
No, after March 15, 2024, you will not be able to get such credit into your Paytm Payments Bank account. Please make arrangements to transfer your linked account to another bank by March 15, 2024, to avoid any difficulty or disturbance.
Withdrawal/debit mandates (such as National Automated Clearing House (NACH) mandates) will continue to be executed until your account has a balance. However, after March 15, 2024, no credit or deposit will be permitted in your accounts. To avoid trouble, it is recommended that you make alternate arrangements through another bank before March 15, 2024.
Withdrawal/debit mandates via automatic UPI mandates will continue to be executed as long as your account has a balance. However, after March 15, 2024, no credit or deposit will be permitted in your accounts. To avoid inconvenience or disturbance, we recommend that you make alternate arrangements with another bank by March 15, 2024.
Auto debit mandates will continue to get executed till there is a balance available in your account. However, after March 15, 2024, credit or deposit in your accounts will not be allowed. Therefore, to avoid inconvenience, it is suggested that you make alternative arrangements for setting up EMI payments through another bank before March 15, 2024.
Yes, EMIs registered with any bank other than Paytm Payments Bank can continue.
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