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Deadline alert! Here’s what Paytm Payments Bank customers can and cannot do after March 15 – checklist

Paytm Payments Bank crisis

: The

Reserve Bank of India

(RBI) imposed business limitations on Paytm Payments Bank Ltd (PPBL) through a press release dated January 31, 2024. From February 29, 2024, PPBL was prohibited from accepting fresh deposits or top-ups due to persistent non-compliance and ongoing supervisory concerns. The deadline has since been extended by 15 days to March 15, 2024.
To provide clarity to people, the RBI released a set of Frequently Asked Questions (FAQs) on February 16, 2024.

These FAQs outline the services that will be affected after the March 15 deadline.
Here’s what you need to know:

Services you can still access

Withdrawals
You can still use your account to withdraw or transfer funds, as long as there’s money available. Likewise, you can use your debit card to withdraw or transfer payments up to the available balance in your account.
ALSO READ | Paytm Payments Bank faces staff reduction; 20% workforce to be impacted: Report
Refunds and cashbacks
Refunds, cashbacks, sweep-in from partner banks or interest are permitted credits into your account even after March 15, 2024.
Auto deductions for monthly electricity bill

Withdrawal or debit mandates, like National Automated Clearing House (NACH) mandates, will still be processed as long as there’s enough balance in your account. However, after March 15, 2024, you won’t be able to receive any credits or deposits into your account. To prevent any inconvenience, it’s advisable to make alternative arrangements with another bank before March 15, 2024.
Auto deductions for OTT subscription
Withdrawal or debit mandates, such as National Automated Clearing House (NACH) mandates, will still be carried out as long as there’s enough balance in your account. However, starting March 15, 2024, no credits or deposits will be allowed into your accounts. To prevent any inconvenience, it’s recommended that you arrange alternative banking services with another bank before March 15, 2024.
Auto deduction for EMIs
Auto debit mandates will remain active as long as there’s a sufficient balance in your account. However, starting March 15, 2024, no credits or deposits will be accepted in your accounts. To prevent any inconvenience, it’s recommended that you make alternative arrangements for setting up EMI payments through another bank before March 15, 2024. EMIs registered with banks other than Paytm Payments Bank can continue without interruption.
Wallet usage
You can still use, withdraw, or transfer funds to another wallet or bank account as long as there’s a balance available in your wallet. However, please note that minimum KYC wallets can only be used for merchant payments.
Due cashback
Refunds and cashbacks are permitted to be credited to your account.
Close Paytm Payments Bank wallet and transfer money
For full KYC wallets, you can contact Paytm Payments Bank or use its banking app to close your wallet and transfer the balance to another bank account. For minimum KYC Wallets, you can either use the available balance or request a refund.
FASTag
You can still use your FASTag to pay tolls as long as there’s a balance available. However, Paytm Payments Bank will not allow any further funding or top-ups for FASTags after March 15, 2024. To avoid any inconvenience, it’s recommended that you obtain a new FASTag issued by another bank before March 15, 2024.
UPI/IMPS withdrawals
You can withdraw money from your Paytm Payments Bank account through UPI/IMPS up to the available balance in your account.
ALSO READ | Paytm FASTag users alert! NHAI wants users to procure new one from another bank by March 15

Services you cannot access after March 15, 2024

Wallet top-ups
After March 15, 2024, you won’t be able to add funds or transfer money into the wallet. The only credits allowed will be cashbacks or refunds.
Sending and receiving money into wallet
After March 15, 2024, you won’t be able to receive money from any other person into your wallet. Additionally, you won’t be able to top-up or transfer money into the wallet or receive any credits, except for cashbacks or refunds.
Similarly, after March 15, 2024, you won’t be able to deposit money into your Paytm Payments Bank account. No credits or deposits will be allowed, except for interest, cashbacks, sweep-ins from partner banks, or refunds.
Salary credits
After March 15, 2024, you won’t receive any such credits into your Paytm Payments Bank account. It’s advisable to make alternative arrangements with another bank before March 15, 2024, to avoid inconvenience.
Direct benefit transfers
After March 15, 2024, you won’t receive any such credit into your Paytm Payments Bank account. Please ensure to switch your linked account to another bank before March 15, 2024, to prevent any inconvenience or disruption.
FASTag recharges
After March 15, 2024, you won’t be able to top-up or recharge your FASTag issued by Paytm Payments Bank. To avoid any inconvenience, it’s recommended that you obtain a new FASTag issued by another bank before March 15, 2024.
Balance transfer for FASTag
The FASTag product does not support the credit balance transfer feature. Therefore, you’ll need to close your old FASTag issued by Paytm Payments Bank and request a refund from the bank.
UPI/IMPS deposits
After March 15, 2024, you won’t be able to transfer money into your Paytm Payments Bank account.