On Friday, the Reserve Bank of India (RBI) issued a frequently asked question (FAQ) about Paytm Payments Bank. Following the MPC's monetary policy statement on February 8, RBI Governor Shaktikanta Das stated that the FAQ would address the concerns of all stakeholders.
This is what it says:
1. I have a savings or current account at Paytm Payments Bank. Can I continue to make withdrawals from this account after March 15, 2024? Can I continue to use the debit card supplied by Paytm Payments Bank?
Yes. You can continue to use, withdraw, or transfer funds from your account up to the available balance. Similarly, you can continue to use your debit card to withdraw or transfer funds up to the amount available in your account.
2. I have a savings or current account at Paytm Payments Bank. Can I make a deposit or transfer money to my account after March 15, 2024?
No, after March 15, 2024, you will not be allowed to make deposits into your Paytm Payments Bank accounts. No credits or deposits other than interest, cashbacks, sweep-ins from partner banks, or refunds are permitted.
3. I am expecting a return in my Paytm Payments Bank account after March 15, 2024. Can this reimbursement be credited to my account?
Yes. Even after March 15, 2024, you can get refunds, cashbacks, sweep-ins from partner banks, and interest credits into your account.
4. What will happen to the deposits held with partner banks under sweep in/out' arrangements after March 15, 2024?
Paytm Payments Bank customers can transfer their existing deposits from partner banks to their Paytm Payments Bank accounts, up to the Payments Bank's balance limit of ₹2 lakh per customer at the end of the day. Sweep-ins for the purpose of making balances available for use or withdrawal by customers will continue to be permitted. However, no new deposits with partner banks via Paytm Payments Bank would be permitted after March 15, 2024.
5. My salary has been credited to my Paytm Payments Bank account. Can I continue to get my income in this account?
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.
6. I receive government subsidies or direct benefit transfers connected to my Aadhaar in my Paytm Payments Bank account. Can I continue to get it in this account?
No, after March 15, 2024, you will be unable to obtain such a credit into your Paytm Payments Bank account. To avoid difficulty or disturbance, please convert your linked account to another bank by March 15, 2024.
7. Does my monthly electricity bill get paid immediately from my Paytm Bank Limited account? Can this continue?
Withdrawal/debit mandates (such as National Automated Clearing House (NACH) mandates) will be fulfilled until there is a balance in your account. However, after March 15, 2024, you will be unable to credit or deposit your accounts. To avoid inconvenience, it is recommended that you make alternate arrangements with another bank by March 15, 2024.
8. Is my monthly OTT subscription paid immediately via UPI from my Paytm Payments Bank account? Can this continue?
Withdrawal/debit mandates via automatic UPI mandates will continue to be executed until there is a balance in your account. However, after March 15, 2024, you will be unable to credit or deposit your accounts. To avoid inconvenience or disturbance, it is recommended that you make alternate arrangements with another bank by March 15, 2024.
9. My loan's instalment (EMI) is paid automatically from my Paytm Payments Bank account. Can this continue?
Auto debit mandates will continue to be completed until there is a balance in your account. However, after March 15, 2024, you will be unable to credit or deposit your accounts. To avoid trouble, it is recommended that you make alternative arrangements for setting up EMI payments with another bank before March 15, 2024.
10. My loan instalment (EMI) is automatically paid from my account with a bank other than Paytm Payments Bank. Can this continue?
Yes, EMIs registered with banks other than Paytm Payments Bank can continue.
11. I have a wallet through Paytm Payments Bank. Can I continue to use funds from this wallet after March 15, 2024?
Yes. You can continue to use, withdraw, or transfer funds to another wallet or bank account up to the wallet's balance. Minimum KYC wallets1 can only be used for merchant payments.
12. I have a wallet through Paytm Payments Bank. Can I top up or transfer funds to this wallet after March 15, 2024? Can I receive funds from anyone else into this wallet after March 15, 2024?
No, after March 15, 2024, you will be unable to top up or transfer money into the wallet, as well as obtain any credits, other than cashbacks, or refunds.
13. I have a cashback due from Paytm Payments Bank. Can I get the cashback after March 15, 2024?
Yes. Refunds and cashbacks can be credited.
14. I have a wallet with Paytm Payments Bank. Can I close this wallet and transfer the amount to another bank account?
Yes. In the event of complete KYC wallets, you can contact Paytm Payments Bank or use its banking app to close your wallet and move the balance to another bank account. In the case of minimum KYC wallets, you can either use the available money or seek a refund.
