The Reserve Bank of India i.e. RBI has given additional time of 15 days by increasing the last date for stopping deposits, credit transactions and top-ups in the customer accounts of Paytm Payment Bank to March 15. Earlier the last date for this was 29th February. RBI has asked Paytm Payments Bank to facilitate seamless withdrawal of customers’ deposits with partner banks.
Reserve Bank had imposed a ban
According to the news, the Reserve Bank has also issued answers to some questions related to Paytm Payments Bank, so that there is no doubt in the minds of the customers. According to the RBI order dated January 31, Paytm Payment Bank Limited has been asked to stop further deposits, credit transactions or top-ups in any customer account, prepaid device, wallet, Fastag and National Common Mobility Card after February 29. I went.
RBI took action in the interest of customers
RBI said this is being done keeping in mind the interest of Paytm Payments Bank customers (including merchants) who may need a little more time to make alternative arrangements, and in the larger public interest. The Reserve Bank of India said that it is directed that banks shall facilitate seamless withdrawal of deposits of customers held with participating banks under the automated ‘Sweep-in Sweep-out’ facility, which will not cause any inconvenience to such customers. .
Customers should understand this
The Reserve Bank has taken action against Paytm Payments Bank for persistent non-compliance and irregularities at the bank, necessitating further action. RBI says that after March 15, 2024, customers will not be able to deposit money in their account in Paytm Payments Bank. No credits or deposits are allowed other than interest, cashback, sweep-in or refund from partner banks.
Salary will not come after March 15
RBI says customers can avail refund, cashback, sweep-in or interest rates from partner banks even after March 15, 2024. Customers will not be able to receive their salary in their account with PPB after March 15. It is suggested that customers make ‘alternative arrangements to avoid inconvenience’. RBI says that customers can use, withdraw or transfer the balance available in the wallet to another wallet or bank account after March 15.
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