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Th Reserve Financial institution of India (RBI), whereas extending the deadline for restriction imposed on Paytm Funds Financial institution (PPBL) until March 15, issued an in depth listing of Regularly Requested Questions (FAQs) Friday (February 16) for patrons of the financial institution.
Final month, the central financial institution had barred Paytm Funds Financial institution from accepting deposits or top-ups in any buyer account, pay as you go devices, wallets, FASTags and NCMC card after February 29, 2024 within the wake of persistent non-compliance and different supervisory issues.
Here’s what its newest FAQs say.
Paytm Funds Financial institution Pockets
RBI clarified that after March 15, 2024, pockets customers of Paytm Funds Financial institution won’t be able to top-up or switch cash into the pockets, or obtain any credit, aside from cashbacks, or refunds into the pockets. Nevertheless, pockets customers will proceed to have the ability to use, withdraw or switch cash to a different pockets or checking account even after the deadline.
However, minimal KYC wallets can be utilized just for service provider funds, the RBI stated. As per the regulation, a minimum-KYC pockets will be opened by submitting minimal info together with a cell quantity verified with OTP (one time password), a self-declaration of title and a singular id / identification quantity.
A financial institution buyer can even shut the Paytm Funds Financial institution pockets and switch the steadiness to their account in one other financial institution. For this, a buyer can method the financial institution or use its banking app to shut the pockets, and switch the steadiness to an account maintained with one other financial institution within the case of full KYC wallets. Within the case of a minimal KYC Pockets, a buyer could use the obtainable steadiness or request for a refund, the RBI stated.
FASTag issued by Paytm Funds Financial institution
Prospects having FastTag issued by PPBL will be capable of proceed to make use of the FASTag to pay toll upto the obtainable steadiness. Nevertheless, no additional funding or prime ups shall be allowed in these FASTags after the March 15 deadline. They need to thus procure a brand new FASTag issued by one other financial institution earlier than deadline with a view to keep away from any inconvenience.
The RBI clarified that since credit score steadiness switch characteristic will not be obtainable within the FASTag product, prospects should shut their outdated FASTag issued by the financial institution, and request the financial institution for a refund.
Financial institution accounts with Paytm Funds Financial institution
Prospects with financial savings or present accounts with PPBL, can proceed to make use of, withdraw or switch their funds from their account upto the obtainable steadiness in account even after March 15. Equally, they’ll use their debit card to withdraw or switch funds upto the obtainable steadiness of their account.
Nevertheless, PPBL financial savings financial institution or present account prospects won’t be able to deposit cash into their account with PPBL after March 15. “No credit or deposits aside from curiosity, cashbacks, sweep-in from companion banks or refunds are allowed to be credited,” the RBI stated.
Current deposits of PPBL prospects maintained with companion banks will be introduced again (swept-in) to the accounts with PPBL, topic to the ceiling on steadiness prescribed for a funds financial institution, which is Rs 2 lakh per particular person buyer on the finish of day. Such sweep-ins for the aim of constructing obtainable the balances to be used or withdrawal by the shopper will proceed to be allowed. Nevertheless, no recent deposits with companion banks by PPBL shall be allowed after March 15, the RBI stated.
Crucially, after the deadline, prospects won’t be able to obtain any wage of their account with PPBL, and so they should make different preparations with one other financial institution earlier than March 15 to keep away from inconvenience, the RBI stated. Any subsidy or direct profit transfers will even not be credited into any account with PPBL after March 15.
The RBI stated withdrawal or debit mandates (comparable to Nationwide Automated Clearing Home (NACH) mandates) will proceed to get executed until there may be steadiness obtainable within the account of PPBL’s buyer. Nevertheless, after March 15, 2024, credit score or deposit within the PPBL accounts won’t be allowed. Withdrawal or debit mandates by automated UPI mandates will proceed to get executed until the time there may be steadiness obtainable in a buyer’s account.
Auto debit mandates such because the instalment (EMI) of a buyer’s mortgage which is mechanically paid by their account with PPBL will proceed to get executed until the time there may be steadiness obtainable within the account.
Cash switch by UPI/ IMPS
The financial institution’s prospects won’t be able to switch the cash into their account with PPBL account after March 15, 2024. Nevertheless, prospects can withdraw cash from PPBL account by UPI/ IMPS upto the steadiness obtainable in your account.
Retailers utilizing Paytm Funds Financial institution to obtain funds
The retailers which are accepting funds utilizing a Paytm QR code, Paytm soundbox or Paytm POS terminal, linked to a different checking account (not with PPBL) will be capable of proceed to make use of the set-up even after March 15, 2024. Nevertheless, after March 15, retailers won’t be able to obtain any credit score into their checking account or pockets with PPBL aside from refunds, cashbacks, sweep-in from companion banks or curiosity.
Onboarding of recent prospects
The RBI stated the enterprise restriction introduced on March 11, 2022, prohibiting PPBL from onboarding any new prospects for any of its companies continues to be in power. Therefore, the financial institution can’t onboard any new prospects after March 11, 2022.
Nationwide Widespread Mobility Card (NCMC) issued by PPBL
Prospects having NCMC card issued by PPBL will be capable of use it upto the obtainable steadiness until March 15. No top-up of funds into the cardboard shall be allowed after the deadline.
Aadhar enabled Cost System (AePS)
The financial institution’s prospects can proceed to withdraw from their account utilizing the AePS authentication, upto the steadiness obtainable within the account.
Accounts frozen or lien marked
The RBI stated any lien or freeze (full or partial) marked as per the directions of any regulation enforcement or judicial authorities on the account/pockets of a buyer with PPBL will proceed to be ruled by the orders handed by such authorities.
In case, if there’s a lien or freeze marked on PPBL account or pockets resulting from inner insurance policies of the financial institution, RBI has directed the lender to permit withdrawal or switch to a different checking account of the shopper, upto the obtainable steadiness within the account / wallets.
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