<p><strong>Delhi, New:</strong> When the Reserve Bank of India (RBI) stated on January 31 that Paytm Payments Bank would no longer be allowed, the market was agitated. Many people were left wondering about the ramifications of this choice. But on Friday, the RBI gave companies a little reprieve by pushing out the deadline for Paytm Payments Bank to stop accepting transactions until March 15. A thorough list of frequently asked questions (FAQs) has also been released by the central bank to give clarification on how things will operate when the bank closes. Shaktikanta Das, the governor of the RBI, stressed that the FAQ paper tries to answer the concerns of all stakeholders.</p>
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<p>The answers to frequently asked questions provide information on which services will remain available when the Payments Bank closes for business. It is crucial because it will guarantee understanding and openness between consumers and companies.</p>
<p>RBI FAQs Regarding Paytm Transactions holders of bank accounts<br />
1) What will happen to holders of savings and current accounts?</p>
<p>The RBI statement states that after March 15, 2024, holders of current or savings accounts with Paytm Payments Bank will still be able to withdraw or transfer money from this account.</p>
<p>Additionally, they are still able to withdraw or transfer money using your debit card up to the available amount.</p>
<p>They won’t be allowed to make deposits into your Paytm Payments Bank account after March 15, 2024. Other than interest, cashbacks, sweep-ins from partner banks, and refunds, no credits or deposits are permitted.</p>
<p>2) After March 15th, a refund into the Paytm Payments Bank?</p>
<p>Indeed. It is still possible for your account to be credited with interest, sweep-ins from partner banks, refunds, and cashbacks beyond March 15, 2024.</p>
<p>3) What will happen to the deposits made under “sweep in/out” agreements with partner banks?</p>
<p>Subject to the balance limit set out for a Payments Bank (i.e., Rs 2 lakh per customer at the end of the day), consumers of Paytm Payments Bank may sweep their current deposits from partner banks back into their Paytm Payments Bank accounts. Such sweep-ins will still be permitted in order to make the amounts accessible for the consumer to utilise or remove. But after March 15, 2024, no new deposits made via Paytm Payments Bank with partner banks will be accepted.</p>
<p>4) How will the Paytm Payments Bank-related salary and EMI work out?</p>
<p>Users won’t be able to get salary credits into their Paytm Payments Bank accounts after March 15. To prevent difficulty, it is advised that you make new plans with a different bank by March 15, 2024.</p>
<p>The auto-debit instructions for loan EMIs that are automatically paid via your Paytm Payments Bank account will keep running until there is money in your account. Nevertheless, credit or deposits into your accounts will not be accepted after March 15, 2024.</p>
<p>5) Rewards, utility bills, and over-the-top subscriptions</p>
<p>Automatic UPI requirements for withdrawals and debits will keep executing as long as there is money in your account. Nevertheless, credit or deposits into your accounts will not be accepted after March 15, 2024. Therefore, it is advised that you make additional arrangements with a different bank by March 15, 2024, to minimise annoyance or disturbance.</p>
<p>6) A direct advantage or subsidy on Paytm Payments Bank</p>
<p>No, you won’t be able to get any such credit into your Paytm Payments Bank account after March 15, 2024. Before March 15th, please make arrangements to switch your linked account to a different bank in order to minimise any trouble or interruption.</p>
<p>7) What is the future of the Paytm wallet?</p>
<p>As long as there is money left in their wallet, users may keep using, withdraw from, or transfer to another wallet or bank account, according to RBI clarification. However, users won’t be able to add money to the wallet after March 15 or get any credits—aside from cashbacks—or refunds into the wallet after that date. Crediting for for refunds and cashbacks is permitted.</p>
