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Clouds of crisis are looming over India's leading online payment platform Paytm. Now RBI has given time till March 15 to Paytm. In such a situation, the question is what will happen to Paytm after that?
According to reports, Paytm Payments Bank will be banned or seized next month. Recently RBI has extended its deadline.
However, some people are still confused about whether Paytm will stop working or some of its services will continue.
Amid the Paytm Payments Bank crisis, consumers and merchants are worried whether they will be able to use Paytm Wallet or Paytm QR Code after the RBI deadline ends.
A large number of consumers and businesses depend on Paytm's various services for their everyday needs. Earlier, RBI had barred Paytm Payments Bank from accepting new deposits or top-ups from February 29, 2024. The action has been taken citing persistent rule violations and persistent supervisory concerns. Now the deadline has been extended by 15 days to 15 March 2024.
The company has published a dedicated FAQ page to provide information about what will and will not work on Paytm after March 15. But it did not clarify whether the wallet would continue to work even if you do not link it to Paytm Payments Bank.
If you have a Paytm Payments Bank wallet, can you continue using money from this wallet even after March 15, 2024? So the answer is yes. You can use or withdraw or transfer funds to another wallet or bank account as long as balance is available in the wallet.
If you have minimum KYC wallet in Paytm then you can use the balance to make payments to merchants who accept Paytm.
Can you recharge or top-up your Paytm Payments Bank wallet after March 15, 2024? So the answer is no. You will not be able to recharge or top-up your Paytm Payments Bank wallet after March 15, 2024.
Can you get credit or cashback or refund in your Paytm Payments Bank wallet after March 15, 2024? Yes, you can get cashback or refund or any other credit in your Paytm Payments Bank wallet after March 15, 2024.
If you have a FASTag issued by Paytm Payments Bank, can you continue using it for toll payments after March 15, 2024? So the answer is yes, you can continue to use your FASTag to pay toll till the available balance.
However, you will not be able to recharge or top-up FASTags issued by Paytm Payments Bank after March 15, 2024. RBI has suggested that you purchase a new FASTag issued by any other bank before March 15, 2024 to avoid any inconvenience. Note that credit balance transfer facility is not available in the FASTag product.