ALERT! Paytm Payments Bank deadline ends today | What all will be stopped working?

PTC News Desk: Paytm, a prominent entity in India's financial technology sector is encountering difficulties as its banking division, Paytm Payments Bank Ltd (PPBL), is halting essential services starting today.

This is followed by restrictions imposedReserve Bank of India (RBI) on Paytm Payments Bank (PPBL) effective March 15, citing non-compliance with regulations and supervisory issues.

Consequently, various services such as deposits, credit transactions, and FASTag recharges will be halted, significantly impacting users' banking activities

Also Read: March 15 marks closure of Paytm Payments Bank: Impact on FASTags, UPI, wallet services and more...

Services that will be stopped working

Deposit / transfer money into Paytm Payments Bank accounts

After March 15, 2024 one will not be able to deposit money into your account with Paytm Payments Bank. No credits or deposits other than interest, cashbacks, sweep-in from partner banks or refunds are allowed to be credited.

Salary Credited 

After March 15, 2024, one will not be able to receive any such credits into your account with Paytm Payments Bank. It is suggested that you make alternative arrangements with another bank before March 15, 2024 to avoid inconvenience.

Subsidies or direct benefit transfers

After March 15, 2024, you will not be able to receive any such credit into your account with Paytm Payments Bank. 

Top-up / transfer money into Paytm wallet 

After March 15, 2024 one will not be able to top-up or transfer money into the wallet or receive any credits, other than cashbacks, or refunds into this wallet.

Also Read: Lok Sabha Elections 2024: EC to announce poll dates on March 16

FASTag recharge 

After March 15, 2024 one will not be able to top-up or recharge your FASTag issued by Paytm Payments Bank. 

Transfer balance from old FASTag to new FASTag

Credit balance transfer feature is not available in the FASTag product. Therefore, you will have to close your old FASTag issued by Paytm Payments Bank and request the bank for a refund.

Transfer money into Paytm Payments Bank via UPI/ IMPS

You cannot transfer the money into your Paytm Payments Bank account after March 15, 2024.

Also Read: What insights does the electoral bond data published by the ECI offer?

Recharging NCMC cards

No, recharging NCMC cards from Paytm Bank will not be possible. 

(With inputs from agencies)

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