Can Paytm customers use their Paytm wallets after March 15? FAQs answered

Paytm crisis: The Reserve Bank of India (RBI) instructed Paytm Payments Bank Ltd. (PPBL) on January 31 to stop accepting new clients. Following this, RBI announced that after February 29, PPBL would no longer allow deposits, credit transactions, top-ups, or withdrawals in customer accounts, prepaid cards, wallets, FASTags, NCMC cards, etc. This deadline was later extended to March 15.

Discontinuation of inter-company agreements
According to ET, Paytm and PPBL have now decided to end several inter-company agreements. This decision was communicated through a notification on the stock exchanges dated March 1, 2024.

Earlier, Paytm announced plans to establish new partnerships with banks and implement measures to guarantee smooth services for its users and merchants. The company disclosed the potential financial impact of these initiatives to the stock markets.

The latest Bombay Stock Exchange (BSE) notification confirms that One 97 Communications Limited, along with its services such as the Paytm app, Paytm QR, Paytm soundbox, and Paytm Card machines, will continue to operate without interruption.

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Impact on Paytm Wallet users - FAQs answered

If you're a Paytm wallet user, let's examine whether you can continue using your wallet according to the FAQs released by the RBI on February 18.

Can I still use my Paytm Wallet?Yes, you can still use your funds by withdrawing or transferring them up to your account's available balance. You can also use your debit card for withdrawals or transfers within this balance. However, after March 15, 2024, you won't be able to add money to your wallet or receive any credits except for cashbacks or refunds. Refunds and cashbacks, however, can still be credited.

Can I use wallet money after March 15, 2024?Yes, you can keep using, withdrawing, or transferring funds to another wallet or bank account as long as the balance is available in your wallet. However, minimum KYC wallets can only be used for merchant payments.

Can I top-up or add/receive money into my Paytm Payments Bank wallet after March 15, 2024?No, you won't be able to add money or receive credits, except for cashbacks or refunds, after March 15, 2024.

Can I receive a cashback in my Paytm Payments Bank wallet after March 15, 2024?Yes, cashbacks and refunds are still allowed to be credited.

Can I close my Paytm Payments Bank wallet and transfer the balance to another bank account?Yes, if you have a full KYC wallet, you can close it through Paytm Payments Bank or its banking app and transfer the balance to another bank account. For minimum KYC wallets, you can either use the available balance or request a refund.

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Can I still receive my salary in my Paytm Payments Bank account?No, after March 15, 2024, you won't be able to receive any salary credits in your Paytm Payments Bank account. It's recommended to make alternative arrangements with another bank before March 15, 2024, to avoid inconvenience.

Can I still receive government subsidies or direct benefit transfers linked to my Aadhaar in my Paytm Payments Bank account?No, after March 15, 2024, you won't be able to receive such credits in your Paytm Payments Bank account. It's recommended to change your linked account to another bank before March 15, 2024, to avoid any inconvenience or disruption.

Can my monthly electricity bill still be paid automatically from my bank account with Paytm Bank Limited?Withdrawal or debit mandates, like National Automated Clearing House (NACH) mandates, will continue as long as there's a balance in your account. However, after March 15, 2024, no new credits or deposits will be allowed. To avoid inconvenience, it's suggested to make alternative arrangements through another bank before March 15, 2024.

Can my monthly OTT subscription continue to be automatically paid through UPI from my bank account with Paytm Payments Bank?Automatic withdrawal or debit mandates via UPI will continue as long as there's a balance in your account. However, after March 15, 2024, no new credits or deposits will be allowed. To prevent inconvenience or disruption, it's recommended to make alternative arrangements through another bank before March 15, 2024.

Can my loan EMI continue to be automatically paid through my account with Paytm Payments Bank?Auto debit mandates will still be executed as long as there's a balance in your account. However, after March 15, 2024, no new credits or deposits will be allowed. To prevent inconvenience, it's recommended to set up EMI payments through another bank before March 15, 2024.

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