The Reserve Bank of India (RBI) has granted Paytm Payments Bank (PPBL) an extension in several directions previously issued. Paytm Payments Bank customers will now no longer be able to make deposits or top-ups into their accounts, prepaid instruments, wallets, FASTags, or National Common Mobility Cards (NCMC) after March 15, 2024.
This date has been extended from the initially stipulated deadline of February 29.
However, exceptions include interest, cashbacks, sweep-ins from partner banks, or refunds, which may be credited at any time.
Customers Liberty
Customers will retain the liberty to withdraw or utilise their balances without any restrictions, as previously stated.
Paytm Payments Bank will cease to provide any banking services after March 15, extending the previous cutoff date of February 29.
Except for withdrawals and balance utilisation, the bank is prohibited from providing any other banking services, such as fund transfers, including Aadhaar Enabled Payment System (AEPS), Immediate Payment Service (IMPS), etc, Bharat Bill Payment Operating Unit (BBPOU), and Unified Payments Interface (UPI) facility, after March 15, 2024.
Fund Transfer is allowed
Notably, fund transfers, including AEPS, IMPS, and UPI, may still be allowed for the purpose of withdrawals or utilisation, RBI said.
The Nodal Accounts of One97 Communications and Paytm Payments Services, maintained by PPBL, are to be terminated by the latest by February 29.
This directive remains unchanged from the previous instructions.
Paytm Payments Bank will facilitate the seamless withdrawal of customer deposits parked with partner banks under the automatic ‘sweep-in sweep-out’ facility, RBI said.
