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Paytm Payments Deadline Extended: The Reserve Bank of India (RBI) has given a big relief to Paytm and given a relaxation of 15 days. Now the limit of restriction on Paytm Payments Bank will not be applicable from February 29, but it has been extended by 15 more days. Now the ban on Paytm Payments Bank will come into effect after March 15. This means that transactions in Paytm wallet, Fastag and customer accounts can be done till March 15, 2024. Along with this, RBI has also issued FAQ regarding Paytm.
In fact, on January 31, 2024, the Reserve Bank of India (RBI) took a big step and issued an order to shut down the banking service of Paytm, which was to come into effect from February 29, 2024, but now this date has been revised. RBI had said on January 31 that regulatory action has been taken on Paytm Payments Bank, due to which services like transactions, Paytm Wallet, Fastag and topup in Paytm Payments Bank account will stop after February 29.
extended hours for customers
The central bank said it has imposed certain commercial restrictions on Paytm Payments Bank Ltd, operated by Paytm's parent company One97 Communications, under Section 35A of the Banking Regulation Act, 1949. RBI further said that keeping in mind the interests of the people, Paytm Payments Bank Limited is being given some more time.
No other deposits will be allowed
The RBI said no other deposit or credit transactions or top-ups will be allowed during this period. After March 15, 2024, all services like customer accounts, prepaid, wallet, Fastag, National Common Mobility Card will be closed.
These services will continue even after March 15
If one is waiting for refund in Paytm Payments Bank account, then refund, cashback, sweep-in or interest is allowed in the account from partner banks even after March 15, 2024. Also, you can withdraw money from this account even after March 15. The amount deposited in the wallet can also be used.
Will you be able to use Wallet?
RBI said that if you have a Paytm wallet then you can use the amount deposited till March 15. However, deposits will not be allowed after March 15. Only the remaining amount can be used.