FAQ's regarding recent RBI Press release, on our associate - Paytm Payments Bank Ltd.

 

Sr. No

Q&A

1

What happens to my Paytm Payments Bank Account ?

The Reserve Bank of India (RBI) has issued a directive restricting Paytm Payments Bank Account from accepting new deposits or allowing credit transactions after Feb 29th, 2024.

Please note that you will not be able to deposit or add money to your Paytm Payments Bank Account after Feb 29th, 2024. However, there is no restriction on withdrawal of money from your existing balance even after Feb 29th, 2024.

The directive does not impact your existing balances and your money is safe with the Bank.


 

2

Can I continue to use Paytm to do recharges and pay my bills?

Yes, absolutely! You can continue using Paytm App for all your bill payments and recharges, like always.
 Rest assured, Paytm continues to support a wide range of payment options for your convenience.

3

Can I continue to use Paytm Payments Bank Wallet ?

Yes, you can continue to use Paytm Payments Bank Wallet services. Please note that you will not be able to add money to your Paytm Payments Bank Wallet after Feb 29th, 2024. However, there is no restriction on usage of existing balance from your wallet even after Feb 29th, 2024.

 

4

What happens to my Paytm Payments Bank issued FASTag ?

The Reserve Bank of India (RBI) has issued a directive restricting Paytm Payments Bank Account/Wallet from accepting new deposits or allowing credit transactions after Feb 29th, 2024.

The FASTag issued by Paytm Payments Bank will continue to work uninterrupted even after Feb 29th, 2024 basis the balance available in your linked Paytm Payments Bank Wallet. However, you cannot add money to your wallet after Feb 29th, 2024.


 

5

Can I continue to avail all other services on Paytm App ?
 ( e.g. Movie ticket bookings, financial services & more )

All other services on Paytm App are unaffected, you can continue to use them on Paytm as usual, now and beyond Feb 29th, 2024.

 

 

 

 

 

 



FAQ's regarding recent RBI Press release, on our associate - Paytm Payments Bank Ltd.
 ( Additional Questions V2 - WIP )

 

Sr. No

Q&A

1

Can I continue to use UPI on Paytm app ?

Absolutely! You can continue using UPI services on your Paytm App without any interruption.

You can make QR code payment across stores, online payments and send money.

We are working with partners to ensure seamless continuity after Feb 29th, 2024 also.
 

 

 

 

 

Paytm Merchant Queries

 

 

Sr. No

Q&A

1

Will my Paytm QR work as before?

Your Paytm QR is exactly the same as before. Please continue using Paytm QR to accept fast, secure, and safe payments without any worries. All Paytm devices and services are operating as usual

2

Will my SoundBox and Paytm Card machine work as before?

Yes, our offline merchant payment network offerings like Paytm QR, Paytm Soundbox, and Paytm Card Machine, are working exactly as earlier. You can accept payments with ease on them. Do not worry, your money is safe with us.

3

I am unable to change my settlement account. What should I do?

If you are unable to change your Paytm Payments Bank account to any other account, please visit the help section on our Paytm for Business app. We are happy to assist you.

4

Will my money get settled without issues?

The settlement in your existing Paytm Payments Bank Ltd. account will happen without any issue till 29th Feb 2024. However, we suggest that you change your settlement account in the Paytm for Business app from PPBL to any of your other savings or current accounts held with other banks at the earliest to ensure seamless settlements

5

How to change my settlement bank account?

You can change your Paytm Payment Bank account to any other bank account in a few simple steps-

Step 1: Open the ‘Change settlement account’ page through the business profile or settlement settings option on the left menu

Step 2: Click on the change button on your settlement account

Step 3: Choose an existing account, click save and enter OTP or select Add a new bank account option and then enter the necessary details.

6

 

What is the last date to change the settlement account?

You can change your Paytm Payments Bank account without interruption until February 29, 2024. We started our journey of working with other banks over the last two years, which we will now accelerate. Paytm works with various banks (not just our associate bank), on various payments products. We offer acquiring services to merchants in partnership with several leading banks in the country and will continue to expand third-party bank partnerships

7

Is my money safe?

Yes, your money is absolutely safe with us. If you hold a Paytm Payments Bank Account as your settlement account then, please visit the Paytm for business app to change it to another bank & continue receiving your payment settlements smoothly. If you have any other bank account as your settlement account then your payments and settlements will happen regularly without any interruptions at all.

 

 

 

 

 

 

Category

Question

Answer

Generic

What is the recent RBI directive on Paytm Payments Bank wallet?

The Reserve Bank of India (RBI) has issued a directive preventing Paytm Payments Bank Account/wallet from accepting new deposits or allowing credit transactions after February 29, 2024.

Generic

What does this mean for my Paytm Payments bank account/Wallet/Fixed Deposit/Transit Card? Is my money safe?

 You will be unable to deposit or add money to your Paytm Payments Bank account/Wallet after 29th Feb, 2024. You are allowed to withdraw the existing Balances even after February 29. Your money is safe.

Generic

When will we get more details?

We are still awaiting further details about this. Please be assured, that the amount is safe. As mentioned before, you can continue to use your balance even after 29th Feb, 2024.

UPI

Can I still use Paytm’s Unified Payment Interface (UPI) services? 

Yes, this order does not affect Paytm Payment Banks services till February 29, 2024. We will come back with more details soon.

Wallet

Does this directive affect my existing balances in the Paytm Payments Bank wallet? 

No, the directive does not impact your existing balances. You can continue to use the funds in your wallet without any restrictions, up to your available limit.

FD

What happens to my fixed deposit after 29th Feb

Your Fixed Deposit will continue to be operational and safe even after 29th Feb as they are maintained by our Partner Bank IndusInd Bank Limited.

FD

How will I redeem the fixed deposit after 29th Feb.

We are currently in talks with our partner bank, IndusInd Bank & will shortly update you on the redemption process of your Fixed deposit after 29th Feb, 2024

Cybercell / CFCC

There is a lien on my account or My account is blocked; what will happen with the amount in my account after 29th Feb

The directive does not impact your existing balances. In case your account or amount gets unblocked post 29th Feb, then you will still be able to utilize the amount without any restrictions.

Fastag

What happens after 29th Feb

After 29th Feb, you will be unable to load money into Paytm Payments Bank Account/ Wallet / Fastag. You will however be allowed to utilize any balance in the wallet even after 29th Feb, 2024. We request you to keep your wallet loaded before 29th Feb so that you can continue to use the Paytm Fastag.

CASA/DC

What happens after 29th Feb

After 29th Feb, you will be unable to load money into Paytm Payments Bank Account/Wallet/. You will however be allowed to utilize any balance in the Account even after 29th Feb, 2024.

Transit Card

What happens after 29th Feb

After 29th Feb. 2024, you will be unable to load money into Paytm Payments Bank Wallet. You will however be allowed to utilize any balance in the wallet even after 29th Feb, 2024. We request you to keep your wallet loaded before 29th Feb so that you can continue to use the Paytm Payments Bank Transit Card.