Paytm Payment Bank / How will Paytm and users benefit from the relief till March 15?

Paytm Payment Bank: Big news came on 16th February for the customers associated with Paytm Payment Bank. RBI extended the deadline of Paytm Payments Bank for deposit and credit transactions from 29th February to 15th March. Now the thing to be understood here is why RBI was forced to extend the deadline? Was the deadline till February 29 not sufficient, and what tasks had the RBI asked to be completed by February 29? Let us understand.

Impact on these services

Let us tell you that earlier RBI had given clear instructions that no other banking services, like fund transfer (services like AePS, IMPS etc.), BBPOU and UPI services should be provided by the bank after February 29. The central bank had also ordered to close the nodal accounts of One97 Communications Limited and Paytm Payments Services Limited at the earliest, in any case before February 29, 2024.

Now he has time till March 15, 2024. RBI has directed the Payments Bank to settle all pipeline transactions and nodal accounts by March 15 and put a stop to any other transactions after that.

I am afraid of this

Paytm users fear that if there is money left in their Paytm bank account after February 29, they will never be able to withdraw it. If you think so, then let us tell you that if your money is left in your Paytm bank account, you can withdraw it anytime. You just won't be able to deposit. Now the deadline for submission has also been extended. Earlier the date was till 29th February, which has now increased to 15th March.

This facility will be available even after March 15

After RBI's action on Paytm Bank, users are feeling that first after 29th February and now after 15th March, all the services of Paytm will be stopped, but let us make you clear. There will be no impact on Paytm UPI after March 15. If you have merged your Paytm UPI with the bank, then you can make payment through it.