News Brief
RBI Extends Deadline For Business Restrictions On Paytm Payments Bank To 15 March: Here's All You Need To Know
Paytm. (Representative Imahe)
The Reserve Bank of India (RBI) on Saturday (17 February) extended the deadline for restrictions on deposit and credit transactions of Paytm Payments Bank Limited (PPBL) to 15 March.
The RBI said that the decision to extend the earlier stipulated deadline of 29 February to 15 March was taken keeping in view the "interest of customers (including merchants) of PPBL who may require a little more time to make alternative arrangements and the larger public interest".
The Central bank also released a list of Frequently Asked Questions (FAQs) on the issue.
In the FAQs, the regulator has clarified that merchants can accept payments using Paytm QR code, soundbox or point of sale (PoS) terminal even after 15 March, if the receipt or transfer of funds are linked to any banks other than PPBL, Business Standard reported.
Merchants, however, cannot transact after March 15 if the QR code, PoS, and sound box are linked to PPBL.
"No further deposits or credit transactions or top ups shall be allowed in any customer accounts, prepaid instruments, wallets, FASTags, National Common Mobility Cards, etc. after March 15, 2024 (extended from the earlier stipulated timeline of February 29, 2024), other than any interest, cashbacks, sweep in from partner banks or refunds which may be credited anytime," the RBI said in a statement.
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