RBI Released FAQ: The Reserve Bank of India (RBI) on Friday released answers to questions related to the action taken against Paytm Payments Bank. RBI Governor Shaktikanta Das had recently said that Paytm Payments will soon release FAQs related to the bank. Paytm founder Vijay Shekhar Sharma tweeted that RBI has made it clear that our QR, soundbox and card machines will continue to operate even after March 15. With their help you will be able to remove all doubts from your dreams. Let’s take a look at these FAQs.
Business restrictions imposed on Paytm Payments Bank Limited vide Press Releases dated January 31 and February 16, 2024 – FAQshttps://t.co/UrOyvSdxCv
— ReserveBankOfIndia (@RBI) February 16, 2024
These are important questions and their answers
Question – I have a savings and current account in Paytm Payments Bank. Will I be able to withdraw money after March 15? What will happen to the debit card received from the bank?
answer – You can also withdraw and transfer money. You will also be able to use debit card.
Question – Can money be deposited or transferred to the savings and current account of Paytm Payments Bank?
answer – You cannot deposit money after March 15.
Question – My refund will come in Paytm Payments Bank account after March 15. Will this refund be credited to the account?
answer – Refund, cashback and interest will come to the bank account even after March 15.
Paytm QR, Soundbox and EDC (card machine) will continue to work like always, even after March 15.
The latest FAQ issued by RBI on point #21 clarifies it unambiguously.
Do not fall for any rumor or let anyone deter you to championing Digital India! https://t.co/ts5Vqmr6qh— Vijay Shekhar Sharma (@vijayshekhar) February 16, 2024
Question – What will happen to the money deposited in partner banks under Sweep In/Out?
answer – At present, the sweep in facility will continue till March 15. However, deposit facility will not be available after March 15.
Question – My salary comes into the account of Paytm Payments Bank. Will salary keep coming in the same account?
answer – After March 15, you cannot deposit your salary in Paytm Payments Bank account. To avoid inconvenience, use another account.
Question – Subsidy comes in the account of Paytm Payments Bank. What will happen to him?
answer – After March 15, the subsidy will not come to the account of Paytm Payments Bank. To avoid inconvenience, use another account.
Question – My electricity bill is deposited automatically from Paytm Payments Bank account. What will happen to him?
answer – After March 15, electricity bill payment will continue till the balance in the subsidy Paytm Payments Bank account. However, after March 15, you will not be able to deposit money in your bank account. Therefore, to avoid inconvenience, use some other account.
Question – Monthly payment of my OTT subscription is done automatically from Paytm Payments Bank account. What will happen to him?
answer – After March 15, payments will continue till the balance in the Paytm Payments Bank account. However, after March 15, you will not be able to deposit money in your bank account. Therefore, to avoid inconvenience, use some other account.
Question – Automatic payment of EMI of my loan is done every month from Paytm Payments Bank account. What will happen to him?
answer – Even after March 15, EMI payment will continue till the balance in the account of Paytm Payments Bank. However, after March 15, you will not be able to deposit money in your bank account. Therefore, to avoid inconvenience, use some other account.
Question – Automatic payment of EMI of my loan is done every month from Paytm Payments Bank account. What will happen to him?
answer – Even after March 15, EMI payment will continue till the balance in the account of Paytm Payments Bank. However, after March 15, you will not be able to deposit money in your bank account. Therefore, to avoid inconvenience, use some other account.
Question – My loan EMI is paid automatically through my account in any bank other than Paytm Payments Bank. Can this continue?
answer – Yes, registered EMI can continue in any bank other than Paytm Payments Bank.
Question – My wallet is in Paytm Payments Bank. Can it be used?
answer – Yes, it can be used to withdraw and transfer money.
Question – My wallet is in Paytm Payments Bank. Can it be topped up? Can money be deposited into this wallet from someone else?
answer – No, only cashback and refund can come. Apart from this, it cannot be topped up in any way.
Question – Cashback is going to come in the wallet of Paytm Payments Bank. Will he come even after March 15?
answer – Yes, cashback and refund may come.
Question – After closing Paytm Payments Bank wallet, can the remaining balance be transferred to any other bank account?
answer – Yes, you can transfer the balance by closing the Full KYC Wallet. Minimum KYC wallet money can be used and refund can also be demanded.
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