Paytm Payments Bank will be closed from tomorrow, along with FASTag recharge, see which services will be affected.
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According to the order of Reserve Bank of India, all the services of Paytm Payment Bank will be stopped from tomorrow i.e. 15th March. These services include money deposits, credit transactions and FASTag recharge. Along with this, transactions between mutual customer accounts through Paytm Payments Bank will also stop. Explained in simple words, it means that if you are transferring money to someone in Paytm Payments Bank, then that transaction will be cancelled.
In February, RBI had banned Paytm Payments Bank, accusing it of adding crores of customers without doing Know-Your-Customer (KYC). RBI had ordered Paytm Payments Bank customers to transfer their money to other banks by February 29. However, later RBI extended the deadline for transferring money till March 15. In such a situation, let us tell you which services of Paytm will be affected after the closure of Paytm Payment Bank.
Depositing money: Customers will not be able to deposit money into Paytm Payments Bank accounts from March 15. This means that if your salary or subsidy comes to the account of Paytm Payments Bank, it will be stopped.
UPI Transactions: Users will not be able to avail facilities like Unified Payment Interface (UPI) from March 15.
IMPS Transactions: Users will not be able to avail the facility like Immediate Payment Service from their Paytm Payments Bank account from March 15.
Paytm wallet: Users will not be able to deposit or transfer money from Paytm Payments Bank account to Paytm Wallet from March 15. If money is already deposited in your wallet then you can use it for transactions and payments.
FASTag related: The National Highways Authority of India (NHAI) has said in a statement that if your Fastag has been issued by Paytm Payments Bank, then you will not be able to recharge it. For this you will have to take a new Fastag issued by some other bank.
NCMC Card: If you have a National Common Mobility Card (NCMC) card issued by Paytm Payments Bank, you will not be able to top up and recharge it.
For traders: Merchants who use features like Paytm QR Code, Paytm Soundbox or Paytm POS will be able to accept payments after March 15 even if the transaction or money transfer is from an account with another bank.
Withdrawal and transfer of money: Users can withdraw and transfer funds from their Paytm Payments Bank account as refunds, winnings and cashbacks will be processed from partner banks.
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