Paytm Payment Bank: The services of Paytm Payment Bank will stop after today i.e. 15th March. The Reserve Bank of India (RBI) had earlier issued an order asking it to close the services till February 29, which was later extended. Now there is little hope of further relief for Paytm customers. That means, after March 15, many services related to Paytm will be completely stopped. Let us know what will change for the customers.
You will be able to withdraw money from the account, but will not be able to deposit it.
Even after March 15, customers will be able to withdraw the amount present in Paytm Bank wallet or account. Apart from cashback or refund, no other kind of credit will be available in the wallet, that is, money will not be credited. No credit other than interest, cashback, sweepin or refund from partner banks will be allowed. Customers will not be able to deposit funds into Paytm bank accounts using UPI or IMPS.
Which services will continue after March 15?
Even after March 15, customers will be able to withdraw the amount available in the account. Refund, cashback, sweep-in services will also be available from partner banks. You will be able to pay electricity bill, OTT subscription and loan EMI as long as there is money in the bank account. Use of Paytm Payments Bank wallet will also be valid for merchant payments. However, RBI has suggested customers to turn to other options.
The deadline will not be extended further – RBI
RBI Governor Shaktikanta Das has said that adequate time has been given to Paytm Payments Bank and now this deadline will not be extended beyond March 15. He said, “80-85 percent of Paytm wallet users will not have any problem due to the RBI decision and other users have been asked to connect with the remaining banks. RBI, within its limits, has taken action against Paytm Payments Bank.
Why was there strict action on Paytm?
Paytm Payments Bank had more than 1,000 bank accounts linked to one Permanent Account Number (PAN). During the verification processes conducted by RBI and auditors, flaws were also found in the information submitted by the bank. The number of such accounts is in crores, whose KYC process was also not completed. Some irregularities were found in the transactions done through Paytm's original app. It is suspected that money laundering was done through the app.