Amid the Paytm Payments Bank crisis, customers and merchants are worried if they can use the Paytm wallet or Paytm QR code after the deadline of the Reserve Bank of India (RBI) ends. A considerable amount of customers and businesses rely on various services of Paytm for their day-to-day needs. Earlier, the central bank barred Paytm Payments Bank from accepting fresh deposits or top-ups from February 29, 2024, citing persistent non-compliance and continued material supervisory concerns. The deadline has now been extended by 15 days to March 15, 2024.
On February 16, 2024, the Reserve Bank of India released a set of Frequently Asked Questions (FAQs) to provide Paytm customers with comprehensive information regarding the restrictions imposed on the Paytm Payments Bank. ET Wealth Online jots down latest rules and restrictions on Paytm customers.
You have a wallet with Paytm Payments Bank. Can you continue to use money from this wallet after March 15, 2024?
Yes. You can use or withdraw or transfer money to another wallet or bank account till the time the balance is available in the wallet.
If you have a minimum KYC wallet in Paytm, you can use the balance to pay to merchants who accept Paytm.
Can you recharge or top-up your Paytm Payments Bank wallet after March 15, 2024?
No. After March 15, 2024, you will not be able to recharge or top-up your Paytm Payments Bank wallet.
Can you receive credit or cashback or refund to your Paytm Payments Bank wallet after March 15, 2024?
Yes. You can receive cashback or refunds or any other credits to your Paytm Payments Bank wallet after March 15, 2024.
Can you close your Paytm Payments Bank wallet and transfer the balance to another bank account?
Yes. You can approach Paytm Payments Bank or use any banking app to close the wallet and transfer the balance to another bank account. This facility is only available for full KYC wallets. In the case of minimum KYC wallets, you can use the available balance for payments or request a refund from Paytm.
Can you use my Paytm QR code to receive money after March 15, 2024?
As mentioned by Paytm earlier, your Paytm QR code will work without any restrictions if it is linked to any bank account, other than Paytm Payments Bank, after March 15, 2024.
Can you scan a Paytm QR code and pay a merchant after March 15, 2024?
Yes. The Reserve Bank of India has confirmed the continued seamless functionality of Paytm QR, Soundbox, and card machines beyond March 15, 2024.
According to Paytm, One97 Communications has shifted its nodal account to Axis Bank to continue merchant settlements. The merchants with fund transactions connected to any bank account other than Paytm Payments Bank need not worry about disruptions after the deadline, Paytm said.
Your OTT or other website subscriptions are paid automatically through UPI from my bank account with Payment Payments Bank. Can you use this after March 15, 2024?
Withdrawal/debit mandates through automatic UPI mandates will continue till the time a balance is available in your account. However, after March 15, 2024, credit or deposit in your accounts will not be allowed in the Paytm Payments Bank account. To avoid inconvenience or disruption, it is suggested that you make alternative arrangements through another bank, before March 15, 2024.
Your monthly electricity bill or cooking gas bill is paid automatically from my bank account with Paytm Bank Limited. Will this continue after March 15, 2024?
Withdrawal/debit mandates such as National Automated Clearing House (NACH) mandates, will continue to get executed till there is a balance available in your account. However, after March 15, 2024, credit or deposit in your accounts will not be allowed. So the central bank advised that you make alternative arrangements through another bank, before March 15, 2024, to avoid disruptions.
You have a FASTag issued by Paytm Payments Bank. Can you continue to use it to pay toll after March 15, 2024?
Yes. You can continue to use your FASTag to pay toll up to the available balance. However, you cannot recharge or top-up FASTags issued by Paytm Payments Bank after March 15, 2024.
So, RBI has suggested suggested that you procure a new FASTag issued by another bank before March 15, 2024 to avoid any inconvenience.
Do keep in mind Credit balance transfer feature is not available in the FASTag product.