The Reserve Bank of India has extended the deadline for implementing the ban on Paytm Payments Bank. Paytm Payments Bank has been given 15 more days.
Paytm Payments Deadline Extended: The Reserve Bank of India (RBI) has given a big relief to Paytm and given a relaxation of 15 days. Now the restriction limit on Paytm Payments Bank will not be applicable from February 29, but it has been extended by 15 more days. Now the ban on Paytm Payments Bank will be applicable after March 15. This means that transactions in Paytm wallet, Fastag and customer accounts can be done till March 15, 2024. Along with this, RBI has also issued FAQ regarding Paytm.
In fact, on January 31, 2024, the Reserve Bank of India (RBI) took a big step and issued an order to shut down the banking service of Paytm, which was to come into effect from February 29, 2024, but now this date has been amended. RBI had said on January 31 that regulatory action has been taken on Paytm Payments Bank, due to which transactions in Paytm Payments Bank account, services like Paytm Wallet, FASTag and Topup will be stopped after February 29. Will go.
Action against Paytm Payments Bank Ltd under Section 35A of the Banking Regulation Act, 1949https://t.co/umneOhyZJM
— ReserveBankOfIndia (@RBI) February 16, 2024
Extended time for customers
The central bank said it had imposed certain commercial restrictions on Paytm Payments Bank Limited, operated by Paytm’s parent company One97 Communications, under Section 35A of the Banking Regulation Act, 1949. RBI further said that keeping in mind the interests of the people, Paytm Payments Bank Limited is being given some more time.
No other deposit will be allowed
RBI said that no other deposit or credit transaction or top-up will be allowed during this period. After March 15, 2024, all services like customer accounts, prepaid, wallet, Fastag, National Common Mobility Card will be closed.
These services will continue even after March 15
If someone is waiting for a refund in Paytm Payments Bank account, then even after March 15, 2024, refund, cashback, sweep-in or interest is allowed in the account from partner banks. Also, you can withdraw money from this account even after March 15. The amount deposited in the wallet can also be used.
Will you be able to use wallet?
RBI said that if you have a Paytm wallet, you can use it on the amount deposited till March 15. However, deposits will not be allowed after March 15. Only the remaining amount can be used.
