FAQ Page 1 - RBI - Reserve Bank of India
Business restrictions imposed on Paytm Payments Bank Limited vide Press Releases dated January 31 and February 16, 2024
Bank Accounts with Paytm Payments Bank
Yes. You can continue to use, withdraw or transfer your funds from your account upto the available balance in your account.
Similarly, you can continue to use your debit card to withdraw or transfer funds upto the available balance in your account.
No. After March 15, 2024, you will not be able to deposit money into your account with Paytm Payments Bank. No credits or deposits other than interest, cashbacks, sweep-in from partner banks or refunds are allowed to be credited.
Yes. Refunds, cashbacks, sweep-in from partner banks or interest are permitted credits into your account even after March 15, 2024
The existing Deposits of Paytm Payments Bank customers maintained with partner banks can be brought back (sweep-in) to the accounts with Paytm Payments Bank, subject to the ceiling on balance prescribed for a Payments Bank (i.e. ₹2 lakh per individual customer at the end of day). Such sweep-ins for the purpose of making available the balances for use or withdrawal by the customer will continue to be allowed. However, no fresh deposits with partner banks through Paytm Payments Bank will be allowed after March 15, 2024.
No. After March 15, 2024, you will not be able to receive any such credits into your account with Paytm Payments Bank. It is suggested that you make alternative arrangements with another bank before March 15, 2024 to avoid inconvenience.
Paytm Payments Bank Wallet
FASTag issued by Paytm Payments Bank
National Common Mobility Card (NCMC) issued by Paytm Payments Bank
Merchants using Paytm Payments Bank to receive payments
Bharat Bill Payment System (BBPS)
Aadhar enabled Payment System (AePS)
Money Transfer through UPI/ IMPS
Paytm Payments Bank Business Correspondent
Accounts frozen, lien marked etc.
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
The bank has been directed to allow withdrawal or transfer to another bank account of the customer, upto the available balance in the account / wallets.
Onboarding of new customers
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.
Page Last Updated on: December 10, 2022