Ban on Paytm Payments Bank: Major changes will be effective after 15
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New Delhi: The Reserve Bank of India (RBI) deadline to ban Paytm Payments Bank Limited (PPBL) is ending on March 15. After this, important changes will be implemented for millions of Paytm users and merchants.
First of all, savings or current account holders will not be able to deposit money into their Paytm Payments Bank account.
According to the Reserve Bank, no credits or deposits are allowed other than interest, cash-back, sweep-in or refund from partner banks.
But, one can continue to use, withdraw or transfer funds from your account up to the available balance in your account.
Also, refunds, cashback, sweep-in or interest from partner banks can be credited to the account even after March 15.
According to RBI, “The existing deposits of Paytm Payments Bank customers maintained in partner banks can be swept-in to the accounts of Paytm Payments Bank. “This is subject to the balance limit (Rs 2 lakh per individual customer) prescribed for the Payments Bank.”
But after March 15, no new deposits will be allowed with partner banks through Paytm Payments Bank.
If one’s salary is credited to Paytm Payments Bank account, they will not be able to receive any such credit in your account after the deadline.
Withdrawal/debit mandates – such as National Automated Clearing House (NACH) mandates – will continue to be executed as long as balance is available in your account.
RBI had said in its guidelines that after March 15, 2024, credit or deposit will not be allowed in your accounts. Therefore, to avoid inconvenience, it is suggested that you make alternative arrangements through another bank before March 15.
Merchants using Paytm Payments Bank to receive payments, if their receipt and transfer of funds is linked to a bank account other than Paytm Payments Bank, can continue to use this arrangement even after March 15 .
But, after March 15, you will not be able to receive any credit from Paytm Payments Bank to your bank account or wallet other than refund, cashback, sweep-in from partner banks or interest.
It is suggested that users get a new QR code linked to their account with another bank or wallet to receive payments. One can also change their bank account details (in which they receive payments) through their service provider.
On Friday, the National Payments Corporation of India (NPCI) permitted Paytm’s parent company One97 Communications Ltd (OCL) to participate in the Unified Payments Interface (UPI) as a third party application provider (TPAP) under the multi-bank model. gave permission. ,
Four banks (Axis Bank, HDFC Bank, State Bank of India, Yes Bank) will act as PSP (Payment System Provider) banks for OCL.
Yes Bank will also act as the merchant acquisition bank for existing and new UPI merchants for OCL, NPCI said.
Meanwhile, the National Highways Authority of India (NHAI) has advised Paytm Fastag users to purchase a new Fastag issued by any other bank before March 15. They can use their existing balance to pay the toll after the due date.
The post Ban on Paytm Payments Bank: Major changes will be effective after 15 appeared first on Dainik Savera Times | Hindi News Portal.
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