The Reserve Bank of India (RBI) has extended the deadline for the operations of Paytm Payments Bank till March 15, after irregularities were discovered in its customer know your customer (KYC) data. In response to this, the RBI has issued a list of frequently asked questions (FAQs) to provide clarity to Paytm bank account holders.
In its list of FAQs, the RBI clarified how customers should proceed if their Paytm Payments Bank account is their salary account, and if their monthly bills and subscriptions are paid through that account. The central bank also stated that after March 15, one will not be able to receive their salary in the Paytm bank account, since no deposits or credits into the account are allowed after the deadline.
Additionally, the RBI encouraged all Paytm bank users to shift their business and assets to other banks amid the current crackdown against the company. However, customers will still be able to withdraw money from their Paytm Payments Bank account, and use the debit card issued by the bank.
The FAQs cover a range of scenarios, including whether customers can continue to withdraw money from their account, deposit or transfer money, receive refunds, maintain deposits with partner banks, and continue with automatic payments for bills, subscriptions, and loan EMIs.
It is important for Paytm Payments Bank customers to review the FAQs issued by the RBI and make necessary arrangements to avoid inconvenience after the March 15 deadline. The FAQs provide essential information for customers to make informed decisions about their banking needs and financial obligations.
Overall, the list of FAQs issued by the RBI aims to address the concerns and questions of Paytm Payments Bank account holders and ensure a smooth transition for customers and merchants.
