Mumbai: reserve Bank of IndiaFAQ for What’s Next Paytm Customers make it clear that while making most Paytm payments Edge While operations will be halted, the digital infrastructure the company has built for UPI payments will continue – for both customers And those shopkeepers who do not have an account in PPBL.
What will happen after RBI’s extended deadline of March 15?
No new deposits into any Paytm account, be it bank account, wallet, fastag, Food wallet is allowed. Deposits that are not permitted include automatic credits such as salaries, subsidies or government benefit transfers. However, this does not include interest payments, refunds, cashback or sweep-ins from partner banks for customers who had previously signed up to maintain high deposits.
Will shoppers be able to use their Paytm QR? Code to accept UPI after new deadline?
Yes, if their QR code is not linked to Paytm Payments Bank. Since only a small number of merchants have opened new accounts with PPBL, most QR codes and soundboxes will continue to work.
Can payment be made through Paytm app after the extended date?
It will continue to work where the Paytm handle is linked to a bank other than Paytm Payments Bank.
Can shops with Paytm card swipe machines continue to use them after March 15?
No, if their account is linked to PPBL. Paytm has also released POS machines on behalf of other banks that will work.
What about standing instructions including bill payment, EMI, or UPI standing instructions through Paytm Bank?
This can continue until the balance is exhausted.
can balance wallet Transfer to another bank?
Only for full KYC wallets. Money will have to be spent for payment in non-KYC wallet.
What should Fastag holders do?
Fastag holders can add balance till March 15 for urgent needs. After this, they have to close the Fastag issued by Paytm and apply for a new Fastag from another bank. The remaining amount, if any, under the discontinued Fastag will be refunded.
What should those having Paytm Transit Card do in metro and buses?
You can top up these cards till March 15, 2024. After this, you can use the card only till the balance is exhausted. RBI has advised to obtain a new NCMC card from some other provider.
Are there any restrictions on withdrawal of funds from accounts? Paytm? What channels are available for withdrawal?
There are no restrictions. All existing channels including Bank Transfer, Business Correspondent and UPI will be available to withdraw funds from PPBL.
What will happen after RBI’s extended deadline of March 15?
No new deposits into any Paytm account, be it bank account, wallet, fastag, Food wallet is allowed. Deposits that are not permitted include automatic credits such as salaries, subsidies or government benefit transfers. However, this does not include interest payments, refunds, cashback or sweep-ins from partner banks for customers who had previously signed up to maintain high deposits.
Will shoppers be able to use their Paytm QR? Code to accept UPI after new deadline?
Yes, if their QR code is not linked to Paytm Payments Bank. Since only a small number of merchants have opened new accounts with PPBL, most QR codes and soundboxes will continue to work.
Can payment be made through Paytm app after the extended date?
It will continue to work where the Paytm handle is linked to a bank other than Paytm Payments Bank.
Can shops with Paytm card swipe machines continue to use them after March 15?
No, if their account is linked to PPBL. Paytm has also released POS machines on behalf of other banks that will work.
What about standing instructions including bill payment, EMI, or UPI standing instructions through Paytm Bank?
This can continue until the balance is exhausted.
can balance wallet Transfer to another bank?
Only for full KYC wallets. Money will have to be spent for payment in non-KYC wallet.
What should Fastag holders do?
Fastag holders can add balance till March 15 for urgent needs. After this, they have to close the Fastag issued by Paytm and apply for a new Fastag from another bank. The remaining amount, if any, under the discontinued Fastag will be refunded.
What should those having Paytm Transit Card do in metro and buses?
You can top up these cards till March 15, 2024. After this, you can use the card only till the balance is exhausted. RBI has advised to obtain a new NCMC card from some other provider.
Are there any restrictions on withdrawal of funds from accounts? Paytm? What channels are available for withdrawal?
There are no restrictions. All existing channels including Bank Transfer, Business Correspondent and UPI will be available to withdraw funds from PPBL.
