MUMBAI: RBI‘s FAQ on what subsequent for Paytm prospects makes it clear that whereas most of Paytm Payments Bank features might be halted, the digital infrastructure that the corporate has constructed for UPI funds will proceed – each for prospects and shopkeepers who shouldn’t have accounts in PPBL.
What occurs after RBI’s prolonged deadline of March 15?
No contemporary deposits into any Paytm account whether or not it’s bank account, pockets, Fastag, meals pockets are allowed.Deposits that aren’t allowed embody computerized credit like salaries, subsidies or govt profit transfers. However, it excludes curiosity funds, refunds, cashbacks, or sweep-in from accomplice banks which prospects signed up earlier for sustaining larger deposits.
Will shopkeepers have the option to use their Paytm QR code for accepting UPI after the brand new deadline?
Yes, if their QR code just isn’t linked to Paytm Payments Bank. As solely a fraction of retailers have opened new accounts with PPBL, a lot of the QR codes and soundboxes will proceed to work.
Can funds be made utilizing Paytm app after the prolonged date?
Where the Paytm deal with is linked to every other bank aside from Paytm Payments Bank, it can proceed to work.
Can retailers with Paytm card swipe machines proceed to use them after March 15?
Not if their account is linked to PPBL. Paytm has additionally issued POS machines on behalf of different banks which is able to work.
What about standing directions together with invoice fee, EMIs, or UPI standing directions via Paytm Bank?
These can proceed till the steadiness runs out.
Can pockets balances be transferred to another bank?
Only for full KYC wallets. In non-KYC wallets, the cash can have to be spent for funds.
What ought to Fastag holders do?
Fastag holders can add balances till March 15 for rapid necessities. Thereafter, they’ll have to shut the Fastag issued by Paytm and apply for a contemporary one from another bank. The steadiness, if any, beneath the closed Fastag can be refunded.
What ought to these having Paytm transit card utilized in metros and buses do?
You can top-up these playing cards up to March 15, 2024. Thereafter, you should use the playing cards solely till the steadiness quantity is exhausted. RBI has suggested buying a brand new NCMC card from another supplier.
Are there any restrictions on withdrawal of funds from accounts with Paytm? What are the channels which can be out there for withdrawal?
There are not any restrictions. All the prevailing channels together with bank switch, enterprise correspondent and UPI might be out there for withdrawing funds from PPBL.
What occurs after RBI’s prolonged deadline of March 15?
No contemporary deposits into any Paytm account whether or not it’s bank account, pockets, Fastag, meals pockets are allowed.Deposits that aren’t allowed embody computerized credit like salaries, subsidies or govt profit transfers. However, it excludes curiosity funds, refunds, cashbacks, or sweep-in from accomplice banks which prospects signed up earlier for sustaining larger deposits.
Will shopkeepers have the option to use their Paytm QR code for accepting UPI after the brand new deadline?
Yes, if their QR code just isn’t linked to Paytm Payments Bank. As solely a fraction of retailers have opened new accounts with PPBL, a lot of the QR codes and soundboxes will proceed to work.
Can funds be made utilizing Paytm app after the prolonged date?
Where the Paytm deal with is linked to every other bank aside from Paytm Payments Bank, it can proceed to work.
Can retailers with Paytm card swipe machines proceed to use them after March 15?
Not if their account is linked to PPBL. Paytm has additionally issued POS machines on behalf of different banks which is able to work.
What about standing directions together with invoice fee, EMIs, or UPI standing directions via Paytm Bank?
These can proceed till the steadiness runs out.
Can pockets balances be transferred to another bank?
Only for full KYC wallets. In non-KYC wallets, the cash can have to be spent for funds.
What ought to Fastag holders do?
Fastag holders can add balances till March 15 for rapid necessities. Thereafter, they’ll have to shut the Fastag issued by Paytm and apply for a contemporary one from another bank. The steadiness, if any, beneath the closed Fastag can be refunded.
What ought to these having Paytm transit card utilized in metros and buses do?
You can top-up these playing cards up to March 15, 2024. Thereafter, you should use the playing cards solely till the steadiness quantity is exhausted. RBI has suggested buying a brand new NCMC card from another supplier.
Are there any restrictions on withdrawal of funds from accounts with Paytm? What are the channels which can be out there for withdrawal?
There are not any restrictions. All the prevailing channels together with bank switch, enterprise correspondent and UPI might be out there for withdrawing funds from PPBL.
