RBI ban on Paytm Payments Bank: The Reserve Bank of India (RBI) has extended the restriction on Paytm Payments Bank to March 15, 2024 from the previous deadline of February 29. Prior to this extension, Paytm Payments Bank was not allowed to accept deposits, recharges or credit transactions in its controlled wallets or accounts.
ET quoted RBI's press release dated February 16, which said that no additional deposits, credit transactions or top-ups on customer accounts and prepaid instruments will be permitted after March 15, 2024 (extended from the earlier date of February 29, 2024), Wallets, FASTags, National Common Mobility Cards etc. However, exceptions include interest, cashback, sweep-ins from partner banks or refunds which can be credited at any time.
Can I get cashback and refunds in my Paytm wallet after March 15, 2024?Paytm Payments Bank users may be wondering whether they can get cashback and refunds in their wallets after March 15, 2024. The answer is yes. Even after March 15, 2024, refunds and cashbacks can still be credited to your wallet. You can continue to use, withdraw or transfer funds from the wallet until the available amount is reached. However, after this date it will no longer be possible to top up or transfer funds to the wallet or receive credits other than cashbacks or refunds.
Credits are allowed in Paytm Payments BankCertain types of credits are allowed in Paytm Payments Bank accounts even after March 15, 2024. This includes refunds, cashbacks, sweep-ins from partner banks and interest.
Credits not allowed However, there are certain credits that will no longer be recognized after the deadline has expired. For example, credits such as salaries, allowances or certain Aadhaar-related direct benefit transfers from the government will not be allowed in Paytm Payments Bank accounts after March 15, 2024.
Can you close your Paytm wallet and transfer the money?If users want to close their wallets and transfer the amount, they can do so if they have a full KYC wallet. You can use the Paytm Payments Bank banking app to close the wallet and transfer the money to another bank account. For minimal KYC wallets, users can either use the available funds or request a refund.
ET quoted RBI's press release dated February 16, which said that no additional deposits, credit transactions or top-ups on customer accounts and prepaid instruments will be permitted after March 15, 2024 (extended from the earlier date of February 29, 2024), Wallets, FASTags, National Common Mobility Cards etc. However, exceptions include interest, cashback, sweep-ins from partner banks or refunds which can be credited at any time.
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Can I get cashback and refunds in my Paytm wallet after March 15, 2024?Paytm Payments Bank users may be wondering whether they can get cashback and refunds in their wallets after March 15, 2024. The answer is yes. Even after March 15, 2024, refunds and cashbacks can still be credited to your wallet. You can continue to use, withdraw or transfer funds from the wallet until the available amount is reached. However, after this date it will no longer be possible to top up or transfer funds to the wallet or receive credits other than cashbacks or refunds.
Credits are allowed in Paytm Payments BankCertain types of credits are allowed in Paytm Payments Bank accounts even after March 15, 2024. This includes refunds, cashbacks, sweep-ins from partner banks and interest.
Credits not allowed However, there are certain credits that will no longer be recognized after the deadline has expired. For example, credits such as salaries, allowances or certain Aadhaar-related direct benefit transfers from the government will not be allowed in Paytm Payments Bank accounts after March 15, 2024.
Can you close your Paytm wallet and transfer the money?If users want to close their wallets and transfer the amount, they can do so if they have a full KYC wallet. You can use the Paytm Payments Bank banking app to close the wallet and transfer the money to another bank account. For minimal KYC wallets, users can either use the available funds or request a refund.
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