In a recent development, the Reserve Bank of India (RBI) has imposed certain business restrictions on Paytm Payments Bank Limited. These restrictions were announced through press releases dated January 31 and February 16, 2024. As a Paytm Payments Bank customer, it is important to understand how these restrictions will impact your banking experience.
Reserve Bank of India’s FAQs Answered on PPB
- Paytm Payments Bank Limited has been subjected to business restrictions by the Reserve Bank of India (RBI).
- Customers can withdraw or transfer funds from their savings or current account until March 15, 2024.
- Debit card usage is permitted until March 15, 2024.
- Depositing or transferring money into accounts will not be allowed after March 15, 2024, except for certain transactions like interest, cashbacks, sweep-ins, and refunds.
- Existing deposits with partner banks can be brought back to Paytm Payments Bank, subject to the prescribed balance ceiling of ₹2 lakh per individual customer.
- After March 15, 2024, customers will not receive salary credits or certain government subsidies in their Paytm Payments Bank account.
- Automatic bill payments can continue until there is a balance available, but no further credits or deposits will be allowed after March 15, 2024.
- Paytm Payments Bank Wallet can still be used for transactions, withdrawals, or transfers, but no top-ups or transfers will be allowed after March 15, 2024, except for cashbacks and refunds.
These are some of the key business restrictions imposed on Paytm Payments Bank Limited. It is essential to be aware of these changes to ensure a smooth banking experience. For any further queries or assistance, you can contact Paytm Payments Bank directly.
Source: https://www.rbi.org.in/Scripts/FAQView.aspx?Id=164
Last Updated on 7 months
