What Paytm Payments Bank Users Need To Know Before March 15?

With the clock ticking down to March 15, the day Paytm Payments Bank faces significant operational restrictions as mandated by the Reserve Bank of India (RBI), customers are in a scramble to understand what this means for their accounts.

This deadline signifies a pivotal shift, with the bank set to halt key services like deposit acceptance and credit transactions. The RBI’s move has propelled the public towards seeking alternative banking solutions, while Paytm is looking for ways to navigate this hurdle. However, no official strategy has been disclosed yet.

What changes for Paytm Payments Bank account holders post-March 15?

• Customers won’t be able to deposit money into their accounts or receive credits such as salary, direct benefits, or subsidies.

• The facility to top-up wallets, FASTags, and NCMC cards issued by Paytm Payments Bank will also cease.

• Transferring money into a Paytm Payments Bank account via UPI or IMPS is another service drawing to a close.

• Certain operations will continue unaffected, albeit within the limits of existing account balances. Withdrawals, fund transfers, and credits from refunds, cashbacks, or partner banks remain on the table.

• Payments for utilities, OTT subscriptions, and EMI for loans can still be made from the existing account balance.
  
• Wallet services will persist in a limited capacity, focusing on merchant payments for minimum KYC wallets.

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