The regulator also extended the deadline for customers to make deposits and credit transactions in the bank till March 15. In a detailed document, the RBI elaborated on what this move means for customers using Paytm Payments Bank for receiving salaries, paying EMIs and more.
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Here are key things to know:
Salary account: If your salary is credited into your PPBL account, you will not be able to receive it after March 15. The RBI suggested that people make alternative arrangements with another bank before the date.
Electricity, OTT bills: Withdrawal or debit mandates such as electricity bills or payment of over-the-top (OTT) subscriptions like Netflix will continue to get executed till there is balance available in the customer’s account. However, after March 15, credit or deposit in the accounts will not be allowed.
EMI payments: Auto-debit mandates will continue to get executed till balance in the account is exhausted. However, after March 15, accounts will be inactive. However, EMIs registered with any bank other than Paytm Payments Bank can continue.
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Fastag: Customers can continue to use their Paytm-issued Fastag to pay tolls till the available balance is exhausted. However, no further funding or top-ups will be allowed after March 15, 2024.Credit balance transfer feature is not available in Fastag. Therefore, customers will have to close their old Paytm Fastag and request the bank for a refund.
Also read | Paytm not in list of 32 banks authorised to issue new FASTags