Paytm crisis: In a relief to customers, RBI extends deadline on curbs to March 15

In a recent press release by RBI on FAQ’s related to Paytm, the Reserve Bank of India (RBI) has granted an extension to its services to March 15, 2024, keeping larger public interest into perspective. The earlier deadline was February 29.

RBI released a 9 page FAQ’s by answering 30 questions pertaining to services of Paytm payment bank and Paytm’s overall services after 15 March 2024. The press release answers all major questions on all services which will be affected including, Paytm payment banks, Payment Bank’s wallet, Fastag, National common mobility card, Merchants system, Bharat Bill payment system, Normal money transfer through UPI/IMPS

In a earlier development today, NHAI had removed Paytm Payments Bank from its list of authorised bank for Fastags. Last month, RBI directed Paytm Payments Bank to stop accepting deposits or top-ups in customer accounts, wallets, FASTags and other instruments after 29 February amid non-compliance issues.