Several Paytm services will stop working after March 15, 2024, due to restrictions imposed by the Reserve Bank of India (RBI) on Paytm Payments Bank Ltd (PPBL).
The RBI enforced these restrictions citing persistent non-compliance and continued material supervisory concerns on January 31, 2024. It prevented PBBL from accepting fresh deposits or top-ups after February 29, 2024. This deadline was later extended by 15 days to March 15, 2024.
List Of Services That Will Be Affected By Shut-Down of Paytm Payments Bank
Wallet top-ups and transfers – Customers will not be able to top-up or transfer funds into their wallets after March 15, 2024, except for cashback or refunds.
Deposit into Paytm Payments Bank accounts – No deposits will be accepted into customers’ Paytm Payments Bank accounts after March 15, 2024, except for interest, cashbacks, sweep-ins, or refunds.
Salary credit – Salary credits will not be accepted into Paytm Payments Bank accounts after the deadline.
Subsidies or direct benefit transfers: Credits of subsidies or certain direct benefit transfers will cease after March 15, 2024.
FASTag recharge – Customers cannot recharge their FASTags issued by Paytm Payments Bank after March 15, 2024.
Services That Will Not Be Affected
Withdrawals from Paytm Payments Bank – Customers can continue to withdraw or transfer funds from their accounts up to the available balance. Debit card transactions are also permissible within this limit.
Refunds – Refunds, cashbacks, sweep-ins from partner banks, or interest can still be credited to customers’ accounts even after March 15, 2024.
Monthly bill auto-deduction – Automatic deductions for monthly expenses such as electricity bills or OTT subscriptions will continue until there are sufficient funds in the account.
Auto debit for EMIs – Auto-debit mandates for loan EMIs will be honored as long as there are funds available in the account.
What About The Utility Bill Payments
Users can conveniently recharge their mobile phones, DTH, or OTT subscriptions, as well as settle utility bills such as electricity, water, gas, and internet through the Paytm app. The app facilitates payment for a wide range of services, including booking cylinders, paying piped gas bills, apartment electricity bills, and insurance premiums.
The development comes after the Reserve Bank of India (RBI) imposed restrictions on PPBL on 31 January citing serious rule violations.