North India Statesman
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The troubles for Paytm are not showing any signs of abating. After the RBI ban, the deadline for Paytm Payments Bank services is now just 2 days away. The Reserve Bank of India (RBI) has set March 15 as the deadline for Paytm Payments Bank services, which will be completely closed after March 15. As per RBI directive, no transactions will be accepted on Paytm Payments Bank after March 15, 2024. In such a situation, the bank has advised the customers to transfer the amount present in Paytm Payments Bank to any other bank account.
Due to the ban on Paytm payments, many people are confused about which services will continue and which will be closed. Even after this some services will continue to operate. For example, withdrawals, refunds and cashbacks, withdrawal of money through UPI, OTT payments will continue. Let us know in detail what will remain operational and what will not.
Services that will be discontinued
- After March 15, users will not be able to top up their account, Fastag or wallet from Paytm Payments Bank. This service will stop after March 15.
- After March 15, users will not be able to make any payment on Paytm Payments Bank.
- Users who are receiving salary or any other monetary benefits on Paytm Payments Bank will not get these benefits after March 15.
- After March 15, balance in Paytm Fastag will not be transferred to other Fastag.
- Money cannot be transferred to Paytm Payments Bank account through UPI or IMPS.
These services will continue even after March 15
- Withdraw money: Paytm Payments Bank users can withdraw money from their account or wallet.
- Refunds and Cashback: Paytm Payments Bank account holders can avail interest, refunds, cashback and sweep-ins from participating banks.
- Withdrawals or debit orders (like NACH orders) can be made from the Paytm Payments Bank account as long as the balance is available.
- Merchant Payment: Paytm Payments Bank Wallet can be used to make merchant payments.
- Paytm Payments Bank wallet may be closed even after March 15. Users will have the option to close the wallet and transfer the remaining balance to another bank account.
- Fastag will be available even after March 15, but only till the balance remains. Once the balance is exhausted, users will not have the option to add more money.
- Users will have the option to withdraw funds from their Paytm Payments Bank account through UPI or IMPS.
- Existing balance can be used for monthly OTT payments; However, after March 15, this will have to be done through another bank account.
Most important: To keep the services running, users need to link another bank account or change their bank account from Paytm Payments Bank to another supported bank account.
