Mumbai: The Reserve Bank of India (RBI) on Friday released a list of frequently asked questions (FAQs) for the convenience of Paytm Payments Bank customers and the general public at large. It explains how to explain to the general public how the commercial restrictions imposed on the bank will work in practice.
These are the questions and answers:
Bank Accounts with Paytm Payments Bank
* I have a savings or current account with Paytm Payments Bank. Can I continue withdrawing money from this account even after March 15, 2024? Can I continue to use my debit card issued by Paytm Payments Bank?
Yes. You can continue to access, withdraw or transfer funds from your account up to the available balance in your account.
Similarly, you can continue to use your debit card to withdraw or transfer funds up to the available balance in your account.
* I have a savings bank or current account with Paytm Payments Bank. Can I deposit or transfer money to this account after March 15, 2024?
No, after March 15, 2024, you will not be able to deposit money into your account in Paytm Payments Bank. No credits or deposits are allowed other than interest, cashback, sweep-in or refund from partner banks.
*I am expecting a refund in my account in Paytm Payments Bank after March 15, 2024. Can this refund be credited to my account?
Yes. Refunds, cashback, sweep-in or interest from partner banks are allowed in your account even after March 15, 2024.
*What will happen to the deposits held in participating banks through the ‘Sweep In/Out’ mechanism after March 15, 2024?
Paytm Payments Bank customers’ existing deposits maintained with partner banks can be swept back (sweep-in) into Paytm Payments Bank accounts, subject to the balance limit prescribed for the Payments Bank (i.e. Rs. 2 lakh per individual customer). is under the. Such sweep-ins will continue to be permitted for the purpose of making the balance available for use or withdrawal by the customer at the end of the day. However, no new deposits with partner banks will be allowed through Paytm Payments Bank after March 15, 2024.
*I receive Aadhaar linked subsidies or some direct benefit transfers from the government in my account in Paytm Payments Bank. Can I continue to receive it in this account?
No, you will not be able to receive any such credit in your account with Paytm Payments Bank after March 15, 2024. Please make arrangements to switch your linked account to another bank before March 15, 2024 to avoid any inconvenience or disruption.
*Is my monthly electricity bill automatically paid from my bank account with Paytm Bank Limited? Can this continue?
Withdrawal/debit mandates (such as National Automated Clearing House (NACH) mandates) will continue to be executed as long as balance is available in your account. However, credit or credit to your accounts will not be allowed after March 15, 2024. Therefore, to avoid inconvenience, it is suggested that you make alternative arrangements through another bank before March 15, 2024.
*Is my monthly OTT subscription automatically paid through UPI from my bank account with Paytm Payments Bank? Can this continue?
Withdrawals/debit mandates through automated UPI mandates will continue to be executed till the balance is available in your account. However, credit or credit to your accounts will not be allowed after March 15, 2024. Therefore, to avoid inconvenience or disruption, it is suggested that you make alternative arrangements through another bank before March 15, 2024.
*My loan installment (EMI) is paid automatically through my account in Paytm Payments Bank. Can this continue?
Yes, EMIs registered with any bank other than Paytm Payments Bank can continue.
Paytm Payments Bank Wallet
*I have a wallet from Paytm Payments Bank. Can I continue using money from this wallet after March 15, 2024?
Yes. You can continue to use, withdraw or transfer to another wallet or bank account up to the available balance in the wallet. However, the minimum KYC Wallet1 can be used for merchant payments only.
*I have a wallet from Paytm Payments Bank. Can I top-up or transfer money to this wallet after March 15, 2024? Can I receive money in this wallet from another person after March 15, 2024?
No, after March 15, 2024 you will not be able to top-up or transfer money to the wallet or receive any credit other than cashback or refund in this wallet.
*Cashback is outstanding in my wallet from Paytm Payments Bank. Can I get this cashback after March 15, 2024?
Yes. Refunds and cashback deposits are allowed.
*I have a wallet from Paytm Payments Bank. Can I close this wallet and transfer the balance to my bank account of another bank?
Yes. You can contact Paytm Payments Bank or use its banking app to close your wallet and transfer the balance to an account maintained with another bank in case of a complete KYC wallet. In case of Minimum KYC Wallet2 you can utilize the available balance or request for a refund.
1) As per extant instructions, Small Pre-paid Instruments (PPIs) are issued by banks and non-banks after obtaining minimum details of the PPI holder. These can only be used to purchase goods and services. Fund transfer or cash withdrawal is not permitted from such PPIs.
2) As per extant instructions, Small Pre-paid Instruments (PPIs) are issued by banks and non-banks after obtaining minimum details of the PPI holder. These can only be used to purchase goods and services. Fund transfer or cash withdrawal is not permitted from such PPIs.
FASTag issued by Paytm Payments Bank (For more information on FASTag you can visit ISMCL website https://ihmcl.co.in)
*I have FASTag issued by Paytm Payments Bank. Can I continue using it for toll payment after March 15, 2024?
Yes. You can continue to use your Fastag to pay toll till the available balance. However, no further funding or top up will be allowed on FASTags issued by Paytm Payments Bank after March 15, 2024. It is suggested that you purchase a new FASTag issued by another bank before March 15, 2024 to avoid any inconvenience.
*I have FASTag issued by Paytm Payments Bank. Can I recharge the balance after 15th March 2024?
No, after March 15, 2024, you will not be able to top-up or recharge your FASTag issued by Paytm Payments Bank. It is suggested that you purchase a new Fastag issued by any other bank before March 15, 2024 to avoid any inconvenience.
*Can I transfer the balance from my old FASTag issued by Paytm Payments Bank to a new FASTag obtained from another bank?
Credit balance transfer facility is not available in FastTag product. Therefore, you have to close your old FASTag issued by Paytm Payments Bank and request for a refund from the bank. National Common Mobility Card (NCMC) issued by Paytm Payments Bank.
*I have NCMC card issued by Paytm Payments Bank. Can I continue using it after March 15, 2024?
Yes. You can continue to use your NCMC Card up to the available balance. However, you will not be able to load or top up funds on the card after March 15, 2024. To avoid inconvenience, it is suggested that you obtain an NCMC card issued by another bank or a non-bank pre-paid instrument. PPI) issuer, before March 15, 2024.
*I have NCMC card issued by Paytm Payments Bank. Can I add its balance through top-up, recharge etc after March 15, 2024?
No, after March 15, 2024, you will not be able to top-up or recharge your NCMC card issued by Paytm Payments Bank. To avoid inconvenience, it is suggested that you obtain an NCMC card issued by another bank or non-bank pre-paid instrument (PPI) issuer before March 15, 2024.
*Can I transfer the balance from my old NCMC card issued by Paytm Payments Bank to a new card obtained from another bank?
Balance transfer facility is not available in NCMC Card. Therefore, you can use the card up to the available balance. If you have some more balance that you have not been able to utilize, you can request Paytm Payments Bank for a refund.
Merchants are using Paytm Payments Bank to receive payments.
*I am a merchant and I accept payments using Paytm QR Code, Paytm Soundbox or Paytm POS terminal linked to another bank account (not from Paytm Payments Bank). Can I continue using this set-up after March 15, 2024?
Yes. If your receipt and transfer of funds is linked to a bank account other than Paytm Payments Bank, you can continue to use this arrangement even after March 15, 2024.
*I am a merchant and I accept payments using Paytm QR Code, Paytm Soundbox, Paytm POS Terminal linked to my bank account or wallet with Paytm Payments Bank. Can I continue using this set-up after March 15, 2024?
No, after March 15, 2024, you will not be able to receive any credit from Paytm Payments Bank in your bank account or wallet other than refund, cashback, sweep-in from partner banks or interest. To avoid any inconvenience or disruption, it is suggested that you can get a new QR code linked to the account of another bank or wallet to receive the payment. You can also change your bank account details (in which you receive payments) through your service provider.
Bharat Bill Payment System (BBPS)
*Can I make payment through Bharat Bill Payment System (BBPS) using my account in Paytm Payments Bank?
Yes. You can continue to make payments from your Paytm Payments Bank account through Bharat Bill Payment System up to the balance available in your account. Since you will not be able to deposit any more funds into your accounts or wallet with Paytm Payments Bank after March 15, 2024, it is advised that you make alternative arrangements for BBPS from another bank account before March 15, 2024. can do.
Aadhaar Enabled Payment System (AEPS)
*Can I make withdrawals from my Paytm Payments Bank account with biometric authentication under Aadhaar enabled payment system?
Yes. You can continue to withdraw using AEPS authentication, up to the available balance in your account.
Money transfer through UPI/IMPS
*Can I transfer my money to my Paytm Payments Bank account through UPI/IMPS after March 15, 2024?
No, you cannot transfer money to your Paytm Payments Bank account after March 15, 2024.
*Can I withdraw my money from my Paytm Payments Bank account through UPI/IMPS after March 15, 2024?
Yes. You can withdraw your money from Paytm Payments Bank account through UPI/IMPS up to the balance available in your account.
Paytm Payments Bank Business Correspondent
*I have an account in Paytm Payments Bank. Can Paytm Payments Bank Business Correspondent (also known as Paytm Payments Bank Agent) help me to withdraw funds from my account after March 15, 2024.
Yes. Paytm Payments Bank Business Correspondent (Bank Agent) can help you withdraw money from your bank account up to the available balance in your account.
Accounts frozen, marked as liens, etc.
*What will happen to my Paytm Payments Bank account/wallet if it is marked with a lien or freeze on the instructions of law enforcement or judicial authorities?
Any lien or freeze (full or partial) marked on the Customer’s account/wallet with Paytm Payments Bank in accordance with the directions of any law enforcement or judicial authorities shall continue to be governed by the orders passed by such authorities.
*What will happen to my Paytm Payments Bank account/wallet if it is marked with lien or freeze due to Paytm Payments Bank’s internal policies?
The Bank is instructed to allow withdrawal or transfer to any other bank account up to the balance available in the customer’s account/wallet.
Adding new customers
*What is the status of the business restrictions imposed on Paytm Payments Bank vide RBI press release dated March 11, 2022?
The business restriction of March 11, 2022, barring Paytm Payments Bank from onboarding any new customers for any of its services, will remain in force. Therefore, Paytm Payments Bank cannot add any new customers after March 11, 2022.
