After the Reserve Bank of India (RBI) barred Paytm Payments Bank Ltd (PPBL) from accepting deposits due to non-compliance and money laundering concerns, users are in a dilemma as to which all services they won’t be able to use starting today.
In this article, we will discuss the Paytm services that customers won’t be able to use from March 16 onwards:
Savings bank/Current bank account with Paytm Payments Bank
Customers will not be allowed to deposit money into their Paytm Payments Bank account from March 16, 2024 onwards.
Salary in Paytm Payments Bank account
After March 15, 2024, you will receive your salary in your Paytm Payments Bank account. Besides, you won’t be able to receive subsidies or direct benefit transfers to your Paytm Payments Bank after March 15, 2024, according to new Paytm services update.
Transferring money into a Paytm wallet will not be allowed after March 15, 2024
You will not be allowed to top-up or transfer money into the wallet or receive any credits, other than cashbacks, or refunds into this wallet from today onwards.
Loan EMI Payment
Auto debit mandates will continue to happen till the time there is a balance available in your account. However, auto-debit of EMI will stop after your account balance runs out.
FASTag Paytm Services
You can use FASTag until there is a balance in the account. However, you will not be able to recharge the account after March 15.
Wallet Money
Customers will not be allowed to transfer money into Paytm Payments Bank accounts via UPI or IMPS after March 15 according to new Paytm services update.
Transferring money into the Paytm Payments Bank account through UPI/ IMPS?
You will not be able to transfer the money into your Paytm Payments Bank account through UPI/ IMPS after March 15, 2024.
Monthly OTT subscription payment via UPI
Withdrawal or debit mandates via automatic UPI mandates will continue to be executed till there is a balance available in your account. However, starting today (March 16, 2024), credit or deposit in your accounts will not be permitted.
Depositing money into Paytm Payments Bank
You can’t deposit money into your Paytm Payments Bank account from now on. No credits or deposits except interest, cashback, sweep-in from partner banks, or refunds are allowed to be credited.
Source: Paytm Important Update
