Mumbai, March 8: Paytm Payments Bank Limited has only a week before some of its services stop working after the RBI's deadline. After the RBI banned PPBL over non-compliance, the company was only given until March 15, 2024. The fintech firm assured that some of its services will remain unaffected even after the RBI's deadline. The Reserve Bank of India said that customers will be able to use the Paytm accounts for deposits and other transactions until March 15. 

Earlier, the deadline was set for February 29, 2024; however, it was further pushed back to March 15. Once the deadline is over, customers will not be able to use services like FASTag, wallet, and customer accounts as before. Paytm users will also be not able to deposit amounts or use credit transactions after the deadline. TikTok Ban in US? Key House Panel Approves Bill to Ban Video-Sharing App If ByteDance Refuses to Divest Company.

In light of the ongoing Paytm Crisis, RBI Governor Shaktikanta Das reportedly said the bank will remain fully supportive of fintech companies and wishes them to grow. However, he further added that even if a person owns a Ferrari, he still has to obey the traffic rules to avoid accidents. Now, only a week is left before the deadline comes into effect. Here's a list of services that will work the same and the ones that will be changed. South Korea’s Antitrust Regulator to Penalise Mark Zuckerberg-Run Meta Platforms: Report.

Paytm Services That Will Remain Same After March 15 Deadline

  • The Paytm app will keep working as usual for bill payments, booking tickets, recharging, and more.

  • Paytm QR, Soundbox and Card Machines will keep working as usual for all after the deadline.

  • It also said Users who have linked their Paytm with other banks, such as ICICI, HDFC, and others, will not be affected.

Paytm Services That Will Change After March 15 Deadline

  • NCMC Card and FASTag: The existing balance in the NCMC card and Paytm Bank-issued FASTags will be used until it is exhausted. Once the balance is over, Paytm users will not be able to recharge the cards after the deadline. The report said that to close the card, the users must use the remaining balance and request a refund from the bank.

  • Paytm Wallet will work normally. However, the users cannot add new funds after the March 15 deadline. The company said that the existing balance in the PPBL wallet will be used to make payments, transfers, and withdrawals from other banks and wallets. The company assured that the 

After the RBI's Paytm Payments Bank deadline on March 15, customers will still be able to withdraw the remaining balance from their PPBL account. The RBI's restrictions only apply to Paytm Bank and do not affect the customers' funds.

(The above story first appeared on LatestLY on Mar 08, 2024 05:46 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).