On January 31, 2024, in line with its jurisdiction under Section 35A of the Banking Regulation Act of 1949, the Reserve Bank of India has directed Paytm Payments Bank Ltd. (PPBL or the bank) to immediately suspend onboarding new clients. At that time, RBI had said that after February 29, 2024, no more deposits, credit transactions, top-ups, or withdrawals will be permitted in any customer accounts, prepaid cards, wallets, FASTags, NCMC cards, etc by PBBL. This deadline was extended to March 15, 2024 by the RBI
In the latest development, Paytm and PPBL have mutually agreed to discontinue various inter-company agreements, according to a notification on the stock exchanges dated March 1, 2024
Do you have a @Paytm UPI handle? 4 things you should know to migrate your UPI handle
Paytm has previously said that it will form new alliances with banks and take steps to ensure that its users and merchants receive smooth services, the company notified stock markets of the potential financial effect, on February 1, 2024.
Also read: List of Paytm services you can, cannot use after March 15
Artificial Intelligence(AI)
Java Programming with ChatGPT: Learn using Generative AI
By - Metla Sudha Sekhar, Developer and Lead Instructor
Artificial Intelligence(AI)
Basics of Generative AI : Unveiling Tomorrow's Innovations
By - Metla Sudha Sekhar, Developer and Lead Instructor
Artificial Intelligence(AI)
Generative AI for Dynamic Java Web Applications with ChatGPT
By - Metla Sudha Sekhar, Developer and Lead Instructor
Artificial Intelligence(AI)
See AlsoThese Paytm wallets will be closed on July 20, 2024Will Paytm Wallet continue to work after March 15? So far Paytm has not clarified clearlyIs your Paytm wallet not accessible? It may have been closed. Here's what to doCan the Paytm app be used after February 29? 8 things Paytm users should know - The Paytm fiascoMastering C++ Fundamentals with Generative AI: A Hands-On
By - Metla Sudha Sekhar, Developer and Lead Instructor
Artificial Intelligence(AI)
Master in Python Language Quickly Using the ChatGPT Open AI
By - Metla Sudha Sekhar, Developer and Lead Instructor
Office Productivity
Zero to Hero in Microsoft Excel: Complete Excel guide 2024
By - Metla Sudha Sekhar, Developer and Lead Instructor
Astrology
Vastu Shastra Course
By - Sachenkumar Rai, Vastu Shashtri
Data Science
SQL for Data Science along with Data Analytics and Data Visualization
By - Metla Sudha Sekhar, Developer and Lead Instructor
Web Development
A Comprehensive ASP.NET Core MVC 6 Project Guide for 2024
By - Metla Sudha Sekhar, Developer and Lead Instructor
Office Productivity
Mastering Microsoft Office: Word, Excel, PowerPoint, and 365
By - Metla Sudha Sekhar, Developer and Lead Instructor
Marketing
Digital marketing - Wordpress Website Development
By - Shraddha Somani, Digital Marketing Trainer, Consultant, Strategiest and Subject Matter expert
Finance
Financial Literacy - TDS, Budget, Income Tax Act, GST, Indirect tax
By - CA Rahul Gupta, CA with 10+ years of domain experience, trainer
Leadership
Business Storytelling Masterclass
By - Ameen Haque, Founder of Storywallahs
Future of Marketing & Branding Masterclass
By - Dr. David Aaker, Professor at Haas School of Business
HR & People Management
Human Potential and the Future of Employment
By - Lynda Gratton, Co-chair of the World Economic Forum Council on Work, Wages and Job Creation, Professor of Management Practice
Strategy
ESG and Business Sustainability Strategy
By - Vipul Arora, Partner, ESG & Climate Solutions at Sattva Consulting Author I Speaker I Thought Leader
Finance
Financial Reporting and Analytics
By - Dr. C.P. Gupta, Professor: Department of Finance and Business Economics, University of Delhi
Note that One 97 Communications Limited and its services that include the Paytm app, Paytm QR, Paytm soundbox and Paytm Card machines will continue to work uninterrupted, said the latest BSE notification.
Also read: Can you use Paytm FASTag after March 15?
If you are a Paytm wallet user, let us take a look at whether you can continue using your wallet as per RBI’s FAQs released on February 18, 2024.
Can you still use Paytm wallet after March 15?
Yes. You can continue to use, withdraw or transfer your funds from your account upto the available balance in your account. Similarly, you can continue to use your debit card to withdraw or transfer funds upto the available balance in your account.
After March 15, 2024 you will not be able to top-up or transfer money into the wallet or receive any credits, other than cashbacks, or refunds into this wallet. However, Refunds and cashbacks are allowed to be credited.
I have a wallet with Paytm Payments Bank. Can I continue to use money from this wallet after March 15, 2024?
Yes. You can continue to use, withdraw or transfer to another wallet or bank account upto the balance available in the wallet. Minimum KYC wallets1 can, however, be used only for merchant payments.
I have a wallet with Paytm Payments Bank. Can I top-up or transfer money into this wallet after March 15, 2024? Can I receive money from any other person into this wallet after March 15, 2024?
No. After March 15, 2024 you will not be able to top-up or transfer money into the wallet or receive any credits, other than cashbacks, or refunds into this wallet.
I have a cashback due in my wallet with Paytm Payments Bank. Can I receive this cashback after March 15, 2024?
Yes. Refunds and cashbacks are allowed to be credited.
I have a wallet with Paytm Payments Bank. Can I close this wallet and have the balance transferred to my bank account with another bank?
Yes. You may approach Paytm Payments Bank or use its banking app to close your wallet and transfer the balance to an account maintained with another bank in the case of full KYC wallets. In the case of minimum KYC Wallets2, you may use the available balance or request for a refund.
Here are some other important FAQs for Paytm users.
My salary is credited into my account with Paytm Payments Bank. Can I continue to receive my salary into this account?
No. After March 15, 2024, you will not be able to receive any such credits into your account with Paytm Payments Bank. It is suggested that you make alternative arrangements with another bank before March 15, 2024 to avoid inconvenience.
Also read: Can you get cashback or refunds in Paytm wallet after March 15, 2024?
I receive a subsidy or certain direct benefit transfers linked to my Aadhar from the Government in my account with Paytm Payments Bank. Can I continue to receive it into this account?
No. After March 15, 2024, you will not be able to receive any such credit into your account with Paytm Payments Bank. Please arrange to change your linked account to another bank before March 15, 2024 to avoid any inconvenience or disruption.
My monthly electricity bill is paid automatically from my bank account with Paytm Bank Limited? Can this continue?
Withdrawal/debit mandates (such as National Automated Clearing House (NACH) mandates) will continue to get executed till there is balance available in your account. However, after March 15, 2024, credit or deposit in your accounts will not be allowed. Therefore, to avoid inconvenience, it is suggested that you make alternative arrangements through another bank, before March 15, 2024.
My monthly OTT subscription is paid automatically through UPI from my bank account with Paytm Payments Bank? Can this continue?
Withdrawal/debit mandates through automatic UPI mandates will continue to get executed till there is balance available in your account. However, after March 15, 2024, credit or deposit in your accounts will not be allowed. Therefore, to avoid inconvenience or disruption, it is suggested that you make alternative arrangements through another bank, before March 15, 2024.
The instalment (EMI) for my loan is automatically paid through my account with Paytm Payments Bank. Can this continue?
Auto debit mandates will continue to get executed till there is balance available in your account. However, after March 15, 2024, credit or deposit in your accounts will not be allowed. Therefore, to avoid inconvenience, it is suggested that you make alternative arrangements for setting up EMI payments through another bank before March 15, 2024.