District Daily News

RBI extends Paytm respite till March 15 in response to user desire

<p>Customers and merchants of Paytm Payments Bank Ltd. (PPBL) were given a further 15 days by the RBI on Friday to move their accounts to other banks.</p>
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<p>Paytm is now required to cease the majority of its activities, including credit and deposit transactions, by March 15. The previous cutoff date was February 29.</p>
<p>The RBI also said that PPBL consumers would be allowed to take out or use their balances from their current and savings accounts, prepaid cards, FASTags, and National Common Mobility Cards at any time after March 15 without any limitations, provided that they still have accessible funds. However, more top-ups won’t be permitted.</p>
<p>To prevent disruption, it requested that all clients make alternate plans with a different bank by March 15, 2024.</p>
<p>Subject to the Rs 2 lakh balance limit, PPBL clients’ current deposits held with partner banks may be refunded (sweep-in) to their PPBL accounts. These client sweep-ins for usage or withdrawal are still permitted, however, after March 15, no new deposits made via PPBL with partner banks are permitted. Clients using PPBL to pay for OTT subscriptions or EMIs will need to make other plans.</p>
<p>After March 15, businesses that take payments using Paytm QR codes, Paytm soundboxes, or Paytm POS terminals connected to PPBL accounts or wallets will not be allowed to use the service and should search for other options.</p>
<p><strong>Wallet and cards may be used after the deadline </strong></p>
<p>Paytm Payments Bank wallet services, FASTags, and NCMC cards may be used till the amount is depleted after March 15; however, new deposits are not permitted.</p>