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HomeNewsPaytm Payments Bank closes on March 15: What will work and what...

Paytm Payments Bank closes on March 15: What will work and what won’t, what about FASTags, UPI and wallet?

Mar 14, 2024 03:52 PM IST

Paytm Payments Bank deadline: Paytm Payments Bank will not accept deposits or top-ups in customer accounts, wallets, FASTags, and other instruments.

Paytm Payments Bank deadline: Paytm Payments Bank (PPBL) is barred from services such as deposits, credit transactions, and FASTag recharges from March 15, the Reserve Bank of India (RBI) directed. With this, Paytm Payments Bank will not accept deposits or top-ups in customer accounts, wallets, FASTags, and other instruments. RBI cited non-compliance of regulations and supervisory issues as reason for the decision.

Paytm Payments Bank deadline: A QR code of Paytm is seen at a mobile repairing shop in Kolkata, India. (Reuters)
Paytm Payments Bank deadline: A QR code of Paytm is seen at a mobile repairing shop in Kolkata, India. (Reuters)

Paytm Payments Bank deadline: Here’s what will be affected

Read more: Paytm Fastag Deactivate: How to do it, a step by step guide for you

Money depositing: Users will not be able to deposit money into their PPBL accounts from March 15 onwards. This means salary credits, direct benefit transfers or subsidies using your account will also be halted.

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UPI functions: You will not be able to use the Unified Payments Interface (UPI) from March 15 onwards.

IMPS functions: Customers will also not be able to use Immediate Payment Service (IMPS) function through their PPBL accounts from March 15 onwards.

Withdrawal and transfer of money: You can withdraw and transfer money from their PPBL accounts as refunds, winnings and cashbacks from partner banks will be processed.

Paytm wallet: You will not be able to use top-up and transfer facilities for PPBL wallets after March 15 but you can use existing money from the wallet for transactions and payments.

Read more: Paytm invalid for FASTag: These are 32 authorised banks you can use

FASTag Recharge: You cannot recharge PPBL-issued FASTags and need to procure a new one issued by another bank, the National Highways Authority of India (NHAI) stated in an advisory.

NCMC Cards: You will also not be able to recharge or top-up funds into their National Common Mobility Cards (NCMC) which are issued by PPBL.

For merchants: Merchants or businesses accepting payments using a Paytm QR code, Paytm soundbox or Paytm PoS (point-of-sale) terminal can use to use it even after March 15 if receipt and transfer of funds is linked to a bank account other than PPBL.

Paytm Payments Bank deadline: Authorised banks for FASTag

Read more: Paytm Payments Bank deadline: Services you can use after March 15

The NHAI updated its list of authorised banks and non-banking financial companies (NBFCs) that can issue FASTags which includes 39 banks and NBFCs. Airtel Payments Bank, Axis Bank Ltd, Bandhan Bank, Bank of Baroda, Canara Bank, HDFC Bank, ICICI Bank, IDFC First Bank, IndusInd Bank, Kotak Mahindra Bank, Punjab National Bank, State Bank of India and Yes Bank are included in the list.

Paytm Payments Bank deadline: What BSE told investors

The BSE told investor to register accounts opened with other banks instead of their PPBL account with the trading members . It said, “Investors are hereby informed that these restrictions may impact the securities market transactions of those investors who have registered bank accounts of only PPBL, with their Trading members.”

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