March 15 deadline for Paytm Payments Bank account holders

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The Reserve Bank of India (RBI), has allowed Paytm Payments Bank account holders to continue to deposit funds in their bank accounts till March 15, 2024. Earlier, the apex bank had imposed the deadline for the same on February 29, 2024. But keeping in view the interest of customers, the RBI on Friday, February 16, 2024 extended the deadline by 15 more days.

F&A rolled out by RBI on Paytm fiasco:

What if you have salary account with Paytm Payments Bank?

The RBI has advised Paytm Payments Bank salary account holders to shift their accounts to some other bank for credit of salary. Otherwise they will face inconvenience in salary credit after March 15. This is because, the apex bank has barred any credit of money into any type of bank account held with  PPBL post March 15, 2024.

What if you have opted  for OTT subscription plan auto-debit feature?

If you have set continuous auto debit feature of subscription plan of your OTT app, then, you need to become cautious.

The RBI has said that all auto debit features of any subscription plan of any OTT app with Paytm Payments Bank will stop post-March 15 deadline. Even if you make electricity bill payments with PPBL, then, you will not be able to initiate such transactions post the March 15 deadline.

What if home loan EMI gets debited from  Paytm Payments Bank?

As debit transactions from PPBL are not allowed after March 15, so if you currently make home loan EMI transactions from your Paytm Payments Bank account, then, those EMIs will not get debited and you will default on your home loan installment payment. The RBI has advised such customers to shift their bank account tied up with their home loan account with some other bank. Albeit, your home loan EMIs will keep getting debited from your Paytm Payments Bank account even after March 15 only till the available balance in your account. Once that balance gets exhausted EMI transactions will stop.

What if you have FASTag linked to Paytm Payments Bank?

If your FASTag is linked to your Paytm Payments Bank account then, you can keep using it even after March 15 deadline only upto balance available in the account. However, you will not be able to top-up the balance as all credit transactions into Paytm Payments Bank are banned after March 15 daedline. Eventually, your balance will get exhausted and you will not be able to make FASTag payments. So, the RBI said it is advisable that you link your FASTag with some other bank account.

It is to be noted that Paytm Payments Bank Ltd (PPBL) has been barred from taking on new customers since March 11, 2021.

Meanwhile, Vijay Shekhar Sharma, Paytm founder and CEO, in a post on X said: “Paytm QR, Soundbox and EDC (card machine) will continue to work like always, even after March 15…Do not fall for any rumour or let anyone deter you to championing Digital India!”.