The Reserve Bank of India (RBI) has extended the deadline for certain restrictions on Paytm Payments Bank Ltd (PPBL) until March 15. RBI Governor Shaktikanta Das has released a list of 14 FAQs addressing concerns from various stakeholders. This update means that PPBL users can continue to carry out both debit and credit transactions until March 15.
After March 15, only debit transactions, withdrawals, or fund transfers to other banks will be allowed, limited to the available balance in the account. If the balance is exhausted, the account will become dormant, meaning no further credits will be accepted unless there’s a change in the RBI’s decision.
Refunds and cashbacks received in the PPBL account after March 15 can still be transferred out. However, no further credits or deposits will be permitted post-deadline. For users receiving salaries into their PPBL accounts, it’s essential to make alternative arrangements before March 15, as salary credits won’t be allowed thereafter. Similarly, subsidies, direct benefit transfers, or any other form of credit won’t be available post-deadline.
Automated transactions, such as bill payments or loan EMIs, will continue until the account balance reaches zero. Users are advised to redirect such mandates to other accounts to avoid disruption. Sweep-in balances with partner banks can be withdrawn until depleted, but no new credits or deposits will be accepted after March 15.
PPBL wallets can still be used for transfers and withdrawals, but top-ups or deposits won’t be possible post-deadline. Users with a balance in their wallet can transfer it to another account or wallet, subject to full KYC compliance.
For more such content, keep reading @techinnews
