New Delhi: Paytm Payments Bank (PPBL) is barred from services such as deposits, credit transactions, and FASTag recharges from March 15, the Reserve Bank of India (RBI) directed. With this, Paytm Payments Bank will not accept deposits or top-ups in customer accounts, wallets, FASTags, and other instruments. RBI cited non-compliance of regulations and supervisory issues as reason for the decision.
Money depositing: Users will not be able to deposit money into their PPBL accounts from March 15 onwards. This means salary credits, direct benefit transfers or subsidies using your account will also be halted.
UPI functions: You will not be able to use the Unified Payments Interface (UPI) from March 15 onwards.
IMPS functions: Customers will also not be able to use Immediate Payment Service (IMPS) function through their PPBL accounts from March 15 onwards.
Withdrawal and transfer of money: You can withdraw and transfer money from their PPBL accounts as refunds, winnings and cashbacks from partner banks will be processed.
Paytm wallet: You will not be able to use top-up and transfer facilities for PPBL wallets after March 15 but you can use existing money from the wallet for transactions and payments.
FASTag Recharge: You cannot recharge PPBL-issued FASTags and need to procure a new one issued by another bank, the National Highways Authority of India (NHAI) stated in an advisory.
NCMC Cards: You will also not be able to recharge or top-up funds into their National Common Mobility Cards (NCMC) which are issued by PPBL.
For merchants: Merchants or businesses accepting payments using a Paytm QR code, Paytm soundbox or Paytm PoS (point-of-sale) terminal can use to use it even after March 15 if receipt and transfer of funds is linked to a bank account other than PPBL.
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