New Delhi: According to the RBI, Paytm Payments Bank customers will be able to withdraw money from their account till March 15, 2024.The last date will now be March 15 from the earlier date of February 29.After March 15, 2024, customers will not be able to deposit money into their account with Paytm Payments Bank.
The bank will also not accept any credits or deposits other than interest, cashbacks, sweep-in from partner banks, or refunds after March 15, 2024. However, customers will still be able to receive refunds, cashbacks, sweep-in from partner banks, or interest after March 15, 2024.
Customers are also being given the option to continue to use their debit card to withdraw or transfer funds up to the available balance in their account. Similarly, customers will also be able to use their FASTag to pay toll up to the available balance in their account. However, the bank will not accept any further funding or top-ups in the FASTags issued by Paytm Payments Bank after March 15, 2024.
The RBI has also asked Paytm Payments Bank to make it available for customers to withdraw money from their account by using a Paytm QR code, Paytm soundbox, or Paytm POS terminal linked to another bank account or wallet with Paytm Payments Bank.However, the bank said that merchants accepting payments using a Paytm QR code, Paytm soundbox, Paytm POS terminal linked to a bank account or wallet with Paytm Payments Bank, will not be able to continue using this set-up even after March 15, 2024 and will not be able to receive any credit into their bank account or wallet with Paytm Payments Bank other than refunds, cashbacks, sweep-in from partner banks or interest.