The restrictions imposed by RBI on Paytm Payments Bank Limited (PPBL) are coming into effect from today i.e. March 16. We are going to tell you what impact these restrictions will have on PPBL customers and which services will continue. Paytm’s parent company One97 Communications Limited has got five handles (accounts) from four partner banks to continue UPI transactions.
New Delhi. The restrictions imposed by RBI on Paytm Payments Bank Limited (PPBL) are coming into effect from today i.e. March 16. RBI has imposed these restrictions on PPBL for not following various rules including KYC. We are going to tell you what impact these restrictions will have on PPBL customers and which services will continue.
After the ban on Paytm, these changes have become effective from today-
- Money will not be deposited on behalf of customers in savings or current accounts.
- Interest, cashback, refund can be deposited in savings or current accounts.
- The amount deposited in the savings or current account can be spent until it is exhausted.
- The PPBL customer’s deposited amount in the partner bank can be brought back to Paytm Payment Bank.
- No amount can be deposited into PPBL’s savings or current account even through partner banks.
- People’s salary or subsidy will not be deposited in PPBL account.
- Automatic payments from PPBL accounts will continue as long as funds are available.
- Merchants will have to take a new QR code from their account linked to another bank to accept payment.
Paytm gets 5 handles for UPI transactions
Paytm’s parent company One97 Communications Limited has got five handles (accounts) from four partner banks to continue UPI transactions. With the existing handle, the company now has a total of five handles to provide UPI services to customers. Earlier, Paytm’s UPI transactions were settled through PPBL, most of whose operations have been banned by RBI.
Paytm advised to close Fastag account
PPBL has released FAQs (Frequently Asked Questions) on its website regarding the changes taking place from today. It has been said that now his Fastag will not be able to be recharged or top-up. However, customers can use the amount present in their Fastag.
PPBL has advised customers to close their Fastag account and get a new Fastag. PPBL has said that the money present in the old Fastag will not be transferred to the Fastag taken from another bank. Paytm has said that its app users will continue to get all the services like mobile and DTH recharge. Apart from this, all types of bills can also be deposited as before.
The company has said that customers can buy Fastag of HDFC Bank from its app and can also recharge Fastag of other partner banks. Paytm’s QR code, soundbox and card machines will continue to work as before.
How to close Fastag account from Paytm app
Step 1. Open the app and search for Manage Fastag.
Step 2. Here you will get the information about the vehicle linked to PPBL Fastag.
Step 3. Now select Close Fastag option.
Step 4. Now select the vehicle for which the Fastag account is to be closed.
Step 5. Now click on Proceed to close the account.
Step 6. After this the application confirmation message will appear on the screen.
Step 7. Your Fastag account will be closed in 5-7 working days.
