Saturday , April 13 2024

Partial relief to Paytm: Ban period extended till March 15

Keeping in view the interest of the customers (including merchants) of Paytm Payments Bank Limited and the need for some more time to work out alternative arrangements, in the public interest the Reserve Bank of India (RBI) has suspended the restrictive measures imposed on Paytm Payments Bank. The deadline for implementation of the measures has been extended. From 29th February 2024 to 15th February 2024. Extended to March 2024.

According to which, after March 15, Paytm Payments Bank will not be able to do deposit or credit transactions or top up any customer's account. Along with this, after March 15, 2024, no deposit or credit transaction will be possible in prepaid instruments, wallets, Fastag, National Common Mobility Card etc.

Of course any interest, cashback, swipes or refunds from other participating banks can be credited at any time. Additionally, Paytm Payments Bank customers can withdraw or utilize the balance in their accounts like Savings Bank Account, Current Account, Prepaid Instruments, Fastag, National Common Mobility Card etc. without any restriction. In which no change has been made by RBI.

As per the new circular of RBI, keeping in mind the interest of the customers (including merchants) of Paytm Payments Bank Limited and the need for some more time to make alternative arrangements, the Reserve Bank of India has issued these new orders under Section 35A in the public interest. Have been issued. The Banking Regulation Act, 1949 was amended and issued on 31 January 2024.

As per the new orders, no new deposit or credit transaction or top-up will be allowed in any customer account, prepaid device, wallet, Fastag, National Common Mobility Card, etc. after 29 February 2024 instead of 15 March 2024. Apart from this, no banking services (AEPS, IMPS etc. in any name or in any form) other than fund transfer, BBPOU and UPI facilities will be provided after March 15, 2024.

Along with this, RBI has clarified that as per its earlier order, there has been no change in the deadline of February 29, 2024 for cancellation of nodal accounts of One97 Communications Limited and Paytm Payment Services Limited operated by Paytm Payments Bank Limited. . All transactions pending for settlement in nodal accounts will be settled by March 15, 2024 and no transactions will be allowed thereafter.

Meanwhile, upper circuit was hit today in insider trading of Paytm-One97 Communications Ltd based on suspicion among some sections that it has received prior information that the ban on Paytm Payments Bank transactions will be extended till March 15, 2024. There was tremendous buying after the 5 percent increase. On the NSE exchange, the company's stock rose by Rs 16.25, or five per cent, to Rs 341.30 on a heavy buying of 1,91,13,793 shares in a buying circuit of about 16.50 lakh shares. The stock closed at Rs 341.50, up Rs 16.25, in the upper circuit of five per cent with a turnover of 22.25 lakh shares on BSE.