On Friday, the Reserve Bank of India (RBI) released frequently asked questions (FAQs) for the customers following restrictions on Paytm Payments Bank (PPB). The RBI also extended its previous deadline of Feb 29th to March 15th by 15 more days to stop, all deposit and credit transactions.
RBI has addressed various questions of customers surrounding the withdrawal of money, transferring funds, electricity bills, Fastags, and many more.
RBI’s FAQ on Paytm Payment bank
On Withdrawing Money from PPB
Customers can use, withdraw, or transfer money from their bank account up to the available balance and can use debit cards for withdrawing or transferring money.
On Transferring Funds to PPB
After March 15th, 2024, customers cannot deposit or credit money from their PPB accounts.
On Refunds and Cashback into PPB
Customers can get refunds, sweep-ins, cashback from partner banks, or interest rates after March 15th.
On Deposits maintained with PPB
PPB customers’ existing deposits with the respective partner banks can be brought back (sweep-in) to account with PPB. This is subject to a ceiling on the balance prescribed, which is Rs two lakh per customer at the end of the day. this sweep-in will be allowed, but fresh deposits with partner banks through PPB will not be allowed after March 15th.
On Salary, Subsidies, and Direct benefit transfer
Customers will not be allowed to receive their salaries in their PPB accounts after March 15th and are suggested by RBI to make ‘alternative arrangements to avoid inconvenience’.
On paying EMIs, OTT bills, and Electricity bills 
Withdrawal and debit mandates are allowed up to available balance but credit or deposit will not be allowed after March 15th, be it EMIs, OTT bills, or Electricity bills. However, EMIs registered with any other banks can be continued.
On Paytm Wallet Customers can withdraw or transfer to another wallet or bank account up to the balance available in the wallet, but cannot top-up or transfer money into the wallet. Refunds or cashbacks are allowed to be credited beyond March 15th. Customers can close the wallet of PPB and can transfer it to another bank account.
RBI on Paytm Fastags
Customers can use Fastags to pay tolls up to the available balance after March 15th. However, funding or top-ups are not allowed in Fastags. Customers can get a new Fastag issued by another bank before March 15th, but cannot transfer their funds from the old Fastag to the new one. In this case, RBI has suggested closing Fastag issued by PPB and asking for a refund.
On Business Restriction on PPB
PPB cannot onboard any new customers after March 15th, 2024.
ALSO READ : RBI orders Paytm Payments bank to stop transactions
