Paytm Payments Bank to close from March 15. Here's all that customers need to know

livemint.com:

extended deadline. The RBI on January 31 directed PPBL to stop accepting deposits or top-ups in customer accounts, wallets, FASTags, and other instruments after February 29, due to concerns around large-scale non-compliance of regulations and supervisory issues. Particularly, the fintech startup was found to be in breach of know-your-customer (KYC) requirements and other RBI-mandated processes.

Besides the RBI, the BSE has also issued guidelines for investors to keep in mind while using the payments bank for stock trading; and the NHAI has removed it from its list of options for FASTag options. So, what do you need to know as customers before PPBL winds down services? Take a look here. Depositing Money: Customers will no longer be able to deposit money into their PPBL accounts from March 15 onwards.

Similarly, salary credit, direct benefit transfers or subsidies via PPBL accounts will also be halted. UPI and IMPS Functions: Customers will be unable to use the Unified Payments Interface (UPI) and Immediate Payment Service (IMPS) function through their PPBL accounts from March 15 onwards. Money Withdrawal and Transfer: Customers will be allowed to keep withdrawing and transferring money from their PPBL accounts.

Besides this, refunds, winnings and cashbacks from partner banks will be processed. Wallets Functions: Customers will be unable to use top-up and transfer facilities for their PPBL wallets after March 15. They will be allowed to use existing money from the wallet for transactions and payments.