RBI offers extension to PPBL on customer deposits; no relief on nodal account transfer
Paytm Payments Bank Ltd. (PPBL) in terms of basic banking services and new deposits till March 15.
It has also issued a set of frequently asked questions (FAQs) to provide clarity to customers having a savings account with the payments bank.
Elevate Your Tech Prowess with High-Value Skill Courses
Offering CollegeCourseWebsiteIIT DelhiIITD Certificate Programme in Data Science & Machine LearningVisitIIM KozhikodeIIMK Advanced Data Science For ManagersVisitMITMIT Technology Leadership and InnovationVisit“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 any time,” the central bank said in a press statement on Friday.
<div data-placement=«Mid Article Thumbnails» data-target_type=«mix» data-mode=«thumbnails-mid» style=«min-height:400px; margin-bottom:12px;» class=«wdt-taboola» id=«taboola-mid-article-thumbnails-107758194»>
However, it did not provide any further extensions to Paytm’s parent One 97 Communications and payment gateway subsidiary Paytm Payments Services on transfer of its nodal accounts.
“The Nodal Accounts of One97 Communications Ltd and Paytm Payments Services Ltd maintained by Paytm Payments Bank Limited are to be terminated at the earliest, in any case not later than February 29, 2024,” said the RBI.
The central bank also informed customers that withdrawal of money from PPBL through payments involving unified payments interface (UPI), wallets, Fastag among other payment services will be allowed
