New Delhi: The Reserve Bank of India recently gave 15 more days i.e, March 15 to Paytm Payments Bank to stop deposits, credit transactions and top-ups in customer accounts.
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The Central Bank has however asked Paytm Payments Bank to facilitate seamless withdrawal of customer deposits parked with partner banks.
After the RBI’s breather, consumers can continue to use, withdraw or transfer their funds from your account upto the available balance in your account. Similarly they can continue to use your debit card to withdraw or transfer funds upto the available balance in your account.
Although, after March 15, 2024, you will not be able to deposit money into your account with Paytm Payments Bank.
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No credits or deposits other than interest, cashbacks, sweep-in from partner banks or refunds are allowed to be credited.
But Will your salary be credited into your account with Paytm Payments Bank? Will you continue to get salary salary into this account?
RBI says you will not get salary into your account with Paytm Payments Bank after March 15, 2024. RBI says that you will not be able to receive any such credits into your account with Paytm Payments Bank.
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The central bank has suggested that you make alternative arrangements with another bank before March 15, 2024 to avoid inconvenience.
