Paytm Payments Bank deadline: Here are the services which can be used after March 15

The Reserve Bank of India (RBI) barred Paytm Payments Bank Ltd (PPBL) from accepting fresh deposits or top-ups from March 15. The RBI imposed restrictions citing serious rule violations by Paytm Payments Bank. BSE has also issued guidelines for investors who use the bank exclusively for stock trading.

Paytm Payments Bank: Why is it getting shut?

The RBI ordered Paytm Payments Bank to be shut down, citing “non-compliance issues and concerns” within the bank.
There are reports that state that thousands of accounts in the bank were opened without proper documents, which led to fears of potential involvement in illegal activities like money laundering.

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Paytm Payments Bank: List of services that you can use on Paytm after March 15 deadline

EMI automatically paid: Auto debit mandates will continue to get executed till there is a balance available in your account. However, after March 15, 2024, credit or deposits in your accounts will not be allowed.

OTT subscription automatic deduction: Withdrawal/debit mandates through automatic UPI mandates will continue to get executed till there is a balance available in your account. After March 15, 2024, credit or deposit in your accounts will not be allowed.

FASTag: One can use FASTag till there is balance. After March 15, users will not be able to recharge the account.

Wallet money: Customers will not be able to transfer money into Paytm Payments Bank accounts through UPI or IMPS. They can make payments if there is a balance available in their accounts after March 15.

Credit money: Salary credit, direct benefit transfers, or subsidies will not be available in Paytm Payments Bank accounts after March 15.