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  1. Paytm Payments Bank: What will work and what not after March 15 RBI deadline

Paytm Payments Bank: What will work and what not after March 15 RBI deadline

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2 min read • Updated: March 13, 2024, 2:43 PM

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Paytm Payments Bank has been barred from accepting fresh deposits and top-ups after March 15, 2024. Read the article to know services which can and cannot be availed.

Paytm Payments Bank was launched in November 2017.

The Reserve Bank of India (RBI) has restricted Paytm Payments Bank from accepting new deposits into the accounts after March 15, 2024. As the deadline approaches, here are the services that will work and not work post-deadline.

What will work after March 15, 2024

  • Transfer and withdrawals: Paytm Payments Bank users can continue to use, transfer or withdraw their funds up to the available balance in their bank accounts.
  • Cashbacks, refunds, sweep-ins from partner banks or interest can be credited into accounts.
  • Withdrawal and debit mandates (such as NACH mandates) for automatic bill payments and OTT subscriptions will continue to be executed till the balance is available.
  • Loan EMIs will be paid automatically if the auto-debit mandate is enabled until a balance is available.
  • Paytm Payments Bank FASTag can be used to make payments at toll plazas up to the balance available.
  • If you are accepting payments using a Paytm soundbox, QR code or POS terminal linked to a different bank (not with Paytm Payments Bank), the receipt and transfer of funds will be available.
  • National Common Mobility Card (NCMC) can be used till a balance is available.
  • Withdrawals from Paytm Payments Bank account with biometric authentication under Aadhar enabled Payment System (AePS) can be made up to the balance available.
  • Payments from Paytm Payments Bank account can be made through Bharat Bill Payment System until balance available.

What will not work after March 15, 2024

  • Paytm Payments Bank users cannot deposit money in their accounts.
  • Users cannot receive their salary in their Paytm Payments Bank account.
  • Customers will not be able to top-up or recharge Paytm Payments Bank FASTag.
  • Top-ups will not be allowed on NCMC cards after the deadline.
  • No UPI payments will be allowed to the Paytm Payments Bank account.
  • Merchants will not be able to receive funds into their bank account or wallet with Paytm Payments Bank.