MUMBAI: RBI‘s FAQ on what next for Paytm customers makes it clear that while most of Paytm Payments Bank functions will be halted, the digital infrastructure that the company has built for UPI payments will continue – both for customers and shopkeepers who do not have accounts in PPBL.
What happens after RBI’s extended deadline of March 15?
No fresh deposits into any Paytm account whether it is bank account, wallet, Fastag, food wallet are allowed.Deposits that are not allowed include automatic credits like salaries, subsidies or govt benefit transfers. However, it excludes interest payments, refunds, cashbacks, or sweep-in from partner banks which customers signed up earlier for maintaining higher deposits.
Will shopkeepers be able to use their Paytm QR code for accepting UPI after the new deadline?
Yes, if their QR code is not linked to Paytm Payments Bank. As only a fraction of merchants have opened new accounts with PPBL, most of the QR codes and soundboxes will continue to work.
Can payments be made using Paytm app after the extended date?
Where the Paytm handle is linked to any other bank other than Paytm Payments Bank, it will continue to work.
Can shops with Paytm card swipe machines continue to use them after March 15?
Not if their account is linked to PPBL. Paytm has also issued POS machines on behalf of other banks which will work.
What about standing instructions including bill payment, EMIs, or UPI standing instructions through Paytm Bank?
These can continue until the balance runs out.
Can wallet balances be transferred to another bank?
Only for full KYC wallets. In non-KYC wallets, the money will have to be spent for payments.
What should Fastag holders do?
Fastag holders can add balances until March 15 for immediate requirements. Thereafter, they will have to close the Fastag issued by Paytm and apply for a fresh one from another bank. The balance, if any, under the closed Fastag would be refunded.
What should those having Paytm transit card used in metros and buses do?
You can top-up these cards up to March 15, 2024. Thereafter, you can use the cards only until the balance amount is exhausted. RBI has advised acquiring a new NCMC card from another provider.
Are there any restrictions on withdrawal of funds from accounts with Paytm? What are the channels that are available for withdrawal?
There are no restrictions. All the existing channels including bank transfer, business correspondent and UPI will be available for withdrawing funds from PPBL.
What happens after RBI’s extended deadline of March 15?
No fresh deposits into any Paytm account whether it is bank account, wallet, Fastag, food wallet are allowed.Deposits that are not allowed include automatic credits like salaries, subsidies or govt benefit transfers. However, it excludes interest payments, refunds, cashbacks, or sweep-in from partner banks which customers signed up earlier for maintaining higher deposits.
Will shopkeepers be able to use their Paytm QR code for accepting UPI after the new deadline?
Yes, if their QR code is not linked to Paytm Payments Bank. As only a fraction of merchants have opened new accounts with PPBL, most of the QR codes and soundboxes will continue to work.
Can payments be made using Paytm app after the extended date?
Where the Paytm handle is linked to any other bank other than Paytm Payments Bank, it will continue to work.
Can shops with Paytm card swipe machines continue to use them after March 15?
Not if their account is linked to PPBL. Paytm has also issued POS machines on behalf of other banks which will work.
What about standing instructions including bill payment, EMIs, or UPI standing instructions through Paytm Bank?
These can continue until the balance runs out.
Can wallet balances be transferred to another bank?
Only for full KYC wallets. In non-KYC wallets, the money will have to be spent for payments.
What should Fastag holders do?
Fastag holders can add balances until March 15 for immediate requirements. Thereafter, they will have to close the Fastag issued by Paytm and apply for a fresh one from another bank. The balance, if any, under the closed Fastag would be refunded.
What should those having Paytm transit card used in metros and buses do?
You can top-up these cards up to March 15, 2024. Thereafter, you can use the cards only until the balance amount is exhausted. RBI has advised acquiring a new NCMC card from another provider.
Are there any restrictions on withdrawal of funds from accounts with Paytm? What are the channels that are available for withdrawal?
There are no restrictions. All the existing channels including bank transfer, business correspondent and UPI will be available for withdrawing funds from PPBL.
