RBI Extends Paytm Payments Bank Deadline

RBI Extends Paytm Payments Bank Deadline

Paytm Payments Bank customers need to act swiftly as the Reserve Bank of India (RBI) has taken strict action against the bank. Last month, the RBI banned the bank from accepting deposits or top-ups in any customer account, prepaid instruments, wallets, FASTags, and NCMC cards after February 29, 2024. This decision came in response to persistent non-compliance issues and material concerns.

Paytm Payments Bank Key Hight:

  • Paytm Payments Bank faces strict action from RBI, with a ban on deposits and top-ups after February 29, 2024.
  • RBI has granted an extension until March 15th for customers to withdraw their funds.
  • The bank will assist customers during this period and it is crucial to explore alternative options.
  • After March 15th, no top-ups or transfers into wallets will be allowed, except for cashbacks or refunds.

However, there is some relief for customers. The RBI has extended the deposit and withdrawal period for Paytm Payments Bank until March 15th. If you have a salary account with the bank, it is crucial to explore alternative options before the approaching deadline.

Customers can expect the bank’s assistance in withdrawing their funds during this transition period. It is imperative for all affected individuals to take immediate action and ensure the security of their money.

Also Read: Reserve Bank of India’s FAQs Answered on PPB – What you need to know!

After March 15th, Paytm Payments Bank will no longer allow top-ups or transfers into wallets, except for cashbacks or refunds. Loading money into your wallet or receiving any other credits will no longer be possible.

Given the seriousness of this development, it is essential for customers to act quickly and withdraw their funds. Consider moving your money to alternative accounts before the deadline to safeguard your finances.

Last Updated on 4 months

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