RBI Gives 15-Day Relaxation To Paytm: Check What You Can Do And What Can`t

New Delhi: The Reserve Bank of India (RBI) has provided clarity on the recent regulatory actions taken against Paytm Payments Bank (PPBL) by issuing a set of frequently asked questions (FAQs). These FAQs aim to address concerns and bring clarity to Paytm users amidst the business restrictions imposed on the bank.

Some Of RBI's FAQs Are:

Account Operations After March 15, 2024

Users with savings or current accounts with Paytm Payments Bank can continue to withdraw money and use their debit cards until March 15, 2024, within the available balance. ()

Restrictions on Deposits and Transfers:

Deposits or transfers into Paytm Payments Bank accounts will not be permitted after March 15, 2024, except for specific credits such as interest, cashback, sweep-ins from partner banks, or refunds. ()

Handling of Refunds and Credits:

Refunds, cashbacks, sweep-ins from partner banks, or interest will still be credited into Paytm Payments Bank accounts even after March 15, 2024.

Deposits with Partner Banks:

Existing deposits with partner banks through 'sweep in/out' arrangements can be transferred back to Paytm Payments Bank accounts, subject to the prescribed balance ceiling. However, no fresh deposits with partner banks will be allowed after March 15, 2024.

Salary and Government Transfers:

Salary credits and government subsidies or direct benefit transfers linked to Aadhaar will not be accepted into Paytm Payments Bank accounts after March 15, 2024. Users are advised to make alternative arrangements with another bank to avoid disruption.

Automatic Bill Payments:

Withdrawal mandates for automatic bill payments will continue to be executed until there is a balance available in the account. However, users are urged to make alternative arrangements through another bank before March 15, 2024, to prevent inconvenience.