The last date is 15th March, after which you can also read RBI’s new guidelines RBI Payments Bank Bank accounts Paytm FAQs PPBL

The last date is 15th March, after which you can also read RBI’s new guidelines RBI Payments Bank Bank accounts Paytm FAQs PPBL
The last date is 15th March, after which you can also read RBI’s new guidelines RBI Payments Bank Bank accounts Paytm FAQs PPBL
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RBI Payments Bank: No financial transactions can be made in Paytm Payments Bank account after March 15. The Reserve Bank of India (RBI) has extended the deadline for easing restrictions on Paytm Payments Bank (PPBL) till March 15. Consumers’ questions about account closure are endless.

The date was announced last month
RBI released a detailed list of Frequently Asked Questions (FAQs) for customers on Friday (February 16). Earlier last month, in view of various complaints, the Reserve Bank had announced that all transactions in Paytm Payments Bank will be closed after February 29, 2024. Keeping in mind the customers, that date has been extended to March 15.

Paytm-RBI: Last month the RBI set the final deadline on February 29. (Reuters/Amit Dave/File Photo)

Paytm Payments Bank Wallet
In the new guidelines, RBI has made it clear that Paytm Payments Bank wallet users will not be able to top-up after March 15, 2024. Cannot transfer money to wallet. Cannot accept any credit other than cashback or return to wallet. However, wallet users can send money from here to other wallets or bank accounts even after the specified time limit.

What customers can do
A customer can close the Paytm Payments Bank wallet and transfer their account balance to another bank. For this, a customer can do this by visiting the bank. Or, can use their banking app. A customer who has fully provided KYC can transfer the balance of the wallet to another bank account. For those who have minimum KYC, a customer can request the bank to refund his money. This is what RBI has said.

RBI said
Wallets with minimum KYC can only be used for business transactions. As per law, a minimum-KYC wallet can be opened with minimal information. That minimum information includes identifying yourself with an OTP (One Time Password). And, provide a unique ID or verify with ID number.

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Simply put
As long as there is balance in the customer’s account in Paytm Payment Bank, the customer can use that account. After March 15, you will not be able to deposit money again. From March 15, you can no longer transfer money through UPI or IMPS. Paytm account will not be credited after March 15. Among them, the salary account has been asked to be transferred to another bank.


The article is in Bengali

Tags: date #15th March read RBIs guidelines RBI Payments Bank Bank accounts Paytm FAQs PPBL

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