Key Points
The RBI on Friday gave customers and merchants of Paytm Payments Bank Ltd (PPBL) 15 more days to shift their accounts to other banks...
The RBI also clarified that the withdrawal or utilisation of balances by PPBL customers from their saving and current accounts, prepaid instruments, FASTags and National Common Mobility Cards will be permitted without any restrictions, up to their available balance, beyond March 15..
The existing deposits of PPBL customers maintained with partner banks can be brought back (sweep-in) to the accounts with PPBL, subject to the Rs 2 lakh ceiling on balance..
These sweep-ins for use or withdrawal by the customer will continue to be allowed but no fresh deposits with partner banks through PPBL will be allowed after March 15. Customers paying EMIs or OTT subscriptions through PPBL will have to make alternative arrangements...
Wallet services, FASTags and NCMC cards issued by Paytm Payments Bank can be used until the balance is exhausted beyond March 15, but no fresh deposits will be allowed..
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