RBI Asks Paytm Bank Customers To Shift To Other BanksTop Stories

February 17, 2024 11:28
RBI Asks Paytm Bank Customers To Shift To Other Banks

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The Reserve Bank of India (RBI) has advised both customers and merchants of Paytm Payments Bank Ltd (PPBL) to transfer their accounts to other banks by March 15. This gives PPBL an additional 15 days to close most of its operations, including deposit and credit transactions. The original deadline was February 29, 2024, but the RBI extended it by 15 days to ensure customers have enough time to make alternative arrangements. PPBL customers will still be able to withdraw or use their account balances, including savings accounts, current accounts, prepaid instruments, FASTags, and National Common Mobility Cards, without any restrictions, even after March 15. The RBI has also provided a list of 30 Frequently Asked Questions (FAQs) to assist PPBL customers and the general public. The FAQs state that after March 15, 2024, PPBL customers will no longer be able to deposit money into their accounts, except for interest, cashbacks, sweep-ins from partner banks, or refunds.

To avoid any inconvenience, it is advised that you make different banking arrangements with another bank before March 15, 2024. Customers who have deposits with partner banks can transfer them back to their PPBL accounts, as long as the balance does not exceed Rs 2 lakh per individual customer at the end of the day. This allows customers to use or withdraw their balances. However, after March 15, 2024, no new deposits with partner banks through PPBL will be accepted. Starting from March 15, salaries, pensions, EMIs, and OTT subscriptions will no longer be credited to PPBL accounts. Customers who rely on PPBL for these payments should make alternative arrangements. Regarding PPBL wallets, customers can still use the money in their wallets after March 15, 2024, as long as there is a balance available. As for FASTags, they can still be used to pay tolls as long as there is a balance available. To prevent any inconvenience, please mark March 15, 2024 on your calendar.

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RBI  Paytm Bank Customers