What about fund transfers?
RBI has barred fund transfers, irrespective of name and nature of services like AEPS, IMPS, etc., BBPOU and UPI after February 29, 2024. “We are evaluating various options that can be provided to our esteemed users, so that there is minimal impact to their ongoing financial transactions & operations and shall keep you updated on a regular basis,” it said in a clarification.
Can you scan Paytm QR?
The Paytm Payment Gateway business will continue to offer payments to its existing merchants through online business, so there is no problem with that. Paytm’s offline merchant payment network offerings like Paytm QR, Paytm Soundbox, Paytm Card Machine will continue as usual, where it can onboard new offline merchants as well.
What about your recurring payments in Paytm?
Users mobile recharges, subscriptions and other recurring payments will continue to operate even after the deadline.
What happens to National Automated Clearing House (NACH) payment mandatesset through PPBL for other merchants?
Recurring transactions happen through NACH. NACH mandate will get executed even after Feb 29 till there is balance available in the user’s Paytm Payments Bank account. Users cannot make fresh deposits or add money to the Paytm Payments Bank Account or Wallet after Feb 29th. Users have to request you to move your NACH mandate to an alternate bank account.
What will happen to investments with Paytm?
There will not be a hindrance in your investments with Paytm Money. The company assured that the recent RBI directives on Paytm Payments bank won’t affect Paytm Money Ltd’s (PML) operations or customers’ investments in Equity, Mutual Funds, or NPS. Paytm Money Limited is SEBI-regulated and fully compliant.
The regulator has ordered the termination of the nodal accounts of One97 Communications Ltd and Paytm Payments Services Limited before February 29, 2024. Paytm payment banks plan to move the nodal to other banks during this period.