FAQ's regarding recent RBI Press release, on our associate - Paytm Payments Bank Ltd.
What does the RBI directive mean for my Paytm Payments Bank Account/Wallet/Fixed Deposit/Transit Card? Is my money safe?
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 March 15, 2024.
Please note that you will not be able to deposit or add money to your Paytm Payments Bank Account/Wallet after March 15, 2024. However, there is no restriction on withdrawal of money from your existing balance even after March 15, 2024.
The directive does not impact your existing balances in Account or Wallet and your money is safe with your Bank.
FASTag issued by Paytm Payments Bank
(For more details on FASTag, you may visit website of IHMCL https://ihmcl.co.in)
I have a FASTag issued by Paytm Payments Bank. Can I continue to use it to pay toll after March 15, 2024?
The Reserve Bank of India (RBI) has issued a directive restricting Paytm Payments Bank from accepting new deposits or allowing credit transactions after March 15, 2024. However, you can continue to use your FASTag to pay at enabled toll and parking merchants’ up to the available balance in your wallet. Additionally, no further funding or top ups will be allowed in the FASTags issued by Paytm Payments Bank after March 15, 2024. It is suggested that you procure a new FASTag issued by another bank before March 15, 2024 to avoid any inconvenience.
The directive does not impact your existing balances and your money is safe with our Bank.
I have a FASTag issued by Paytm Payments Bank. Can I recharge the balance after March 15, 2024?
The Reserve Bank of India (RBI) has issued a directive restricting Paytm Payments Bank from accepting new deposits or allowing credit transactions after March 15, 2024. Hence, you will not be able to top-up or recharge your FASTag issued by Paytm Payments Bank.
You can procure a new FASTag issued by another bank before March 15, 2024, to ensure a smooth transition and 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 feature is not available in the FASTag product. Therefore, you will have to close your old FASTag issued by Paytm Payments Bank and request for any applicable refund by contacting our customer care.
National Common Mobility Card (NCMC) issued by Paytm Payments Bank
I have an NCMC card issued by Paytm Payments Bank. Can I continue to use it after March 15, 2024?
The Reserve Bank of India (RBI) has issued a directive restricting Paytm Payments Bank from accepting new deposits or allowing credit transactions after March 15, 2024. Hence, you will not be able to load or top up funds into the card after March 15, 2024. However, you can continue to use your NCMC card up to the available balance.
To avoid inconvenience or disruption, you may purchase an NCMC card issued by another bank or non-bank pre-paid instrument (PPI) issuer, before March 15, 2024.
The directive does not impact your existing balances and your money is safe with our Bank.
I have an NCMC card issued by Paytm Payments Bank. Can I add to its balance through top-up, recharge, etc. after March 15, 2024?
The Reserve Bank of India (RBI) has issued a directive restricting Paytm Payments Bank from accepting new deposits or allowing credit transactions after March 15, 2024. Hence, After March 15, 2024 you will not be able to top-up or recharge your NCMC card issued by Paytm Payments Bank.
You may purchase a NCMC card issued by another bank or non-bank pre-paid instrument (PPI) issuer before March 15, 2024, to ensure a smooth transition and avoid any inconvenience.
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 feature is not available in the NCMC card. Therefore, you may use the card up to the available balance. In case you have some more balance which you have not been able to use, request for card closure process by contacting our customer care
Bank Accounts with Paytm Payments Bank
I have a savings or current account with Paytm Payments Bank. Can I continue to withdraw money from this account after March 15, 2024? Can I continue to use my debit card issued by Paytm Payments Bank?
The Reserve Bank of India (RBI) has issued a directive restricting Paytm Payments Bank Account from accepting new deposits or allowing credit transactions after March 15, 2024. However, you can continue to use, withdraw or transfer your 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.
The directive does not impact your existing balances in Account and your money is safe with your Bank.
I have a savings bank or current account with Paytm Payments Bank. Can I deposit or transfer money into this account after March 15, 2024?
The Reserve Bank of India (RBI) has issued a directive prohibiting Paytm Payments Bank from accepting new deposits or facilitating credit transactions after March 15, 2024. However, interest, cashbacks, sweep-ins from partner banks, or refunds are permitted to be credited.
Q. My salary is credited into my account with Paytm Payments Bank. Can I continue to receive my salary into this account?
The Reserve Bank of India (RBI) has issued a directive restricting Paytm Payments Bank Account from accepting new deposits or allowing such credits after March 15, 2024. However, you can continue to use, withdraw or transfer your funds from your account up to the available balance in your account.
The directive does not impact your existing balances in Account and your money is safe with your Bank
We kindly recommend that you make alternative arrangements with another bank before March 15, 2024, to ensure a smooth transition and avoid any inconvenience.
Q. I receive a subsidy or certain direct benefit transfers linked to my Aadhar from the Government in my account with Paytm Payments Bank. Can I continue to receive it into this account?
The Reserve Bank of India (RBI) has issued a directive restricting Paytm Payments Bank Account from accepting new deposits or allowing such credits after March 15, 2024. However, you can continue to use, withdraw or transfer your funds from your account up to the available balance in your account.
The directive does not impact your existing balances in Account and your money is safe with your Bank
You can make alternative arrangements with another bank before March 15, 2024, to ensure a smooth transition and avoid any inconvenience.
Q. My monthly OTT subscription is paid automatically through UPI from my bank account with Paytm Payments Bank? Can this continue?
Ans. The Reserve Bank of India (RBI) has issued a directive restricting Paytm Payments Bank Account from accepting new deposits or allowing such credits after March 15, 2024. However, withdrawal/debit mandates through automatic UPI mandates will continue to get executed till there is balance available in your account.
You can make alternative arrangements with another bank before March 15, 2024, to ensure a smooth transition and avoid any inconvenience.
Q. I am expecting a refund in my account with Paytm Payments Bank after March 15, 2024. Can this refund be credited into my account?
Ans. Yes. Refunds will be allowed for transactions done from Wallet /Savings/Current accounts, cashbacks, sweep-in from partner banks or interest are permitted credits into your Paytm Payments Bank Account even after March 15, 2024.
The instalment (EMI) for my loan is automatically paid through my account with Paytm Payments Bank. Can this continue?
The Reserve Bank of India (RBI) has issued a directive restricting Paytm Payments Bank Account from accepting new deposits or allowing such credits after March 15, 2024. However, Withdrawal/debit mandates (such as National Automated Clearing House (NACH) mandates) will continue to get executed till there is balance available in your account.
You can make alternative arrangements with another bank before March 15, 2024, to ensure a smooth transition and avoid any inconvenience.
The instalment (EMI) for my loan is automatically paid through my account with a bank other than Paytm Payments Bank. Can this continue?
The Reserve Bank of India (RBI) has issued a directive for Paytm Payments Bank. EMIs registered with any bank other than Paytm Payments Bank can continue.
Paytm Payments Bank Wallet
I have a wallet with Paytm Payments Bank. Can I continue to use money from this wallet after March 15, 2024?
The Reserve Bank of India (RBI) has issued a directive restricting Paytm Payments Bank Wallet from accepting new deposits or allowing credit transactions after March 15, 2024. However, you can continue to use, withdraw or transfer to another wallet or bank account up to the balance available in the wallet. Minimum KYC wallets2 can, however, be used only for merchant payments.
The directive does not impact your existing balances in Wallet and your money is safe with your Bank.
I have a wallet with Paytm Payments Bank. Can I top-up or transfer money into this wallet after March 15, 2024? Can I receive money from any other person into this wallet after March 15, 2024?
The Reserve Bank of India (RBI) has issued a directive restricting Paytm Payments Bank Wallet from accepting new deposits or allowing such credits after March 15, 2024. Hence, you will not be able to top-up or transfer money into the wallet or receive any credits, other than cashbacks, or refunds into this wallet.
The directive does not impact your existing balances in Wallet and your money is safe with your Bank
I have a cashback due in my wallet with Paytm Payments Bank. Can I receive this cashback after March 15, 2024?
Yes. Refunds and cashbacks are allowed to be credited even after March 15, 2024.
I have a wallet with Paytm Payments Bank. Can I close this wallet and have the balance transferred to my bank account with another bank?
For Full KYC Wallets1 - You can use our Banking App or approach the Paytm Payments Bank customer service helpline to close your wallet and transfer the balance to an account maintained with another bank.
Minimum KYC Wallets2 - You can use the available balance for merchant payments or request for a refund by approaching Paytm Payments Bank customer service helpline.
1As per extant directions, small pre-paid Instruments (PPI) are issued by banks and non-banks after obtaining minimum details of the PPI holder. They can be used only for purchase of goods and services. Funds transfer or cash withdrawal from such PPIs are not permitted.
2 As per extant directions, small pre-paid Instruments (PPI) are issued by banks and non-banks after obtaining minimum details of the PPI holder. They can be used only for purchase of goods and services. Funds transfer or cash withdrawal from such PPIs are not permitted.
Merchants using Paytm Payments Bank to receive payments
I am a merchant and I accept payments using a Paytm QR code, Paytm sound box or Paytm POS terminal, linked to another bank account (not with Paytm Payments Bank). Can I continue to use this set-up even after March 15, 2024?
Yes. If your receipt and transfer of funds is linked to any 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 a Paytm QR code, Paytm sound box, Paytm POS terminal linked to my bank account or wallet with Paytm Payments Bank. Can I continue to use this set-up even after March 15, 2024?
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 March 15, 2024, other than refunds, cashbacks, sweep-in from partner banks or interest.
Therefore, to avoid inconvenience or disruption, you may change your bank account details (in which you receive payments) before March 15, 2024 through Paytm for business mobile application or by contacting customer care.
Bharat Bill Payment System (BBPS)
Can I make payments through the Bharat Bill Payment System (BBPS) using my account with Paytm Payments Bank?
The Reserve Bank of India (RBI) has issued a directive restricting Paytm Payments Bank Account from accepting new deposits or allowing credit transactions after March 15, 2024. However, 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 credit any further funds into your accounts or wallets with Paytm Payments Bank after March 15, 2024, you can make alternative arrangements with another bank account for BBPS before March 15, 2024, to ensure a smooth transition and avoid any inconvenience.
The directive does not impact your existing balances in Account and your money is safe with your Bank.
Aadhar enabled Payment System (AePS)
Can I make withdrawals from my Paytm Payments Bank account with biometric authentication under Aadhar enabled Payment System?
Yes. You can continue to withdraw using the AePS authentication, up to the balance available in your account.
The directive does not impact your existing balances in Account and your money is safe with your Bank.
Money Transfer through UPI/ IMPS
Can I transfer my money into my Paytm Payments Bank account through UPI/ IMPS after March 15, 2024?
No. You cannot transfer the money into your Paytm Payments Bank account after March 15, 2024.
The Reserve Bank of India (RBI) has issued a directive prohibiting Paytm Payments Bank from accepting new deposits or facilitating credit transactions after March 15, 2024. However, interest, cashbacks, sweep-ins from partner banks, or refunds are permitted to be credited.
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 upto the balance available in your 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 March 15, 2024. However, you can continue to transfer your funds from your account through UPI/IMPS up to the available balance in your account.
The directive does not impact your existing balances in Account and your money is safe with your Bank.
Accounts frozen, lien marked etc.
What will happen to my Paytm Payments Bank account/wallet if there is a lien or freeze marked on the directions of Law Enforcement or judicial authorities?
Any lien or freeze (full or partial) marked as per the instructions of any law enforcement or judicial authorities on the account/wallet of a customer with Paytm Payments Bank will continue to be governed by the orders passed by such authorities.
What will happen to my Paytm Payments Bank account/ wallet if there is a lien or freeze marked on account of internal policies of Paytm Payments Bank?
The Reserve Bank of India (RBI) has issued a directive restricting Paytm Payments Bank Account from accepting new deposits or allowing credit transactions after March 15, 2024. However, you can continue to withdraw funds from your account up to the available balance in your account even if there is a lien or freeze marked on account of internal Bank Policies.
The directive does not impact your existing balances in Account and your money is safe with your Bank
Onboarding of new customers
What is the status of the Business restriction placed on Paytm Payments Bank vide RBI Press Release dated March 11, 2022?
The business restriction dated March 11, 2022, prohibiting Paytm Payments Bank from onboarding any new customers for any of its services continues to be in force. Hence, Paytm Payments Bank cannot onboard any new customers after March 11, 2022.
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. |
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