RBI has revealed a complete set of Regularly Requested Questions (FAQs) to offer readability on the functioning of Paytm Funds Financial institution submit the its closure. This is all the pieces you have to find out about FASTag, UPI, Paytm Pockets, saving, present account.

New Delhi: The Reserve Financial institution of India (RBI) created a stir out there when it introduced the ban on Paytm Funds Financial institution on January 31. This resolution left many questioning in regards to the implications. Nevertheless, on Friday, the RBI supplied some respite to companies by extending the deadline to halt all transactions for Paytm Funds Financial institution till March 15. Moreover, the central financial institution has revealed a complete set of Regularly Requested Questions (FAQs) to offer readability on the functioning submit the financial institution’s closure. RBI Governor Shaktikanta Das emphasised that the FAQ doc goals to handle the issues of all stakeholders.

The FAQs make clear what companies will proceed and what is going to stop to exist as soon as the Funds Financial institution stops its operations. It is necessary as it is going to guarantee transparency and understanding amongst customers and companies.

FAQs by RBI for Paytm Funds Checking account holders

1)  What’s going to occur to present and financial savings account holders?

In line with RBI assertion, the financial savings or present account holders with Paytm Funds Financial institution can proceed to withdraw or switch funds from this account after March 15, 2024.

They’ll additionally proceed to make use of debit card to withdraw or switch funds upto the out there steadiness in your account.

After March 15, 2024, they won’t be able to deposit cash into your account with Paytm Funds Financial institution. No credit or deposits apart from curiosity, cashbacks, sweep-in from companion banks or refunds are allowed to be credited.

2) Refund into Paytm Funds Financial institution after March 15?

Sure. Refunds, cashbacks, sweep-ins from companion banks or curiosity are permitted credit into your account even after March 15, 2024

3) What’s going to occur to the deposits maintained with companion banks via ‘sweep in/out’ preparations

The prevailing deposits of Paytm Funds Financial institution prospects maintained with companion banks could be introduced again (sweep-in) to the accounts with Paytm Funds Financial institution, topic to the ceiling on steadiness prescribed for a Funds Financial institution (i.e. Rs 2 lakh per particular person buyer on the finish of day). Such sweep-ins for the aim of constructing out there the balances to be used or withdrawal by the shopper will proceed to be allowed. Nevertheless, no recent deposits with companion banks via Paytm Funds Financial institution can be allowed after March 15, 2024.

4) What’s going to occur with wage and EMI linked with Paytm Funds Financial institution?

After March 15, the customers won’t be able to obtain any wage credit under consideration with Paytm Funds Financial institution. It’s instructed that you simply make various preparations with one other financial institution earlier than March 15, 2024 to keep away from inconvenience.

For the EMIs of mortgage, which is robotically paid via the account with Paytm Funds Financial institution, the auto debit mandates will proceed to get executed until there’s steadiness out there in your account. Nevertheless, after March 15, 2024, credit score or deposit in your accounts is not going to be allowed.

5) OTT subscription, electrical energy payments and rewards

Withdrawal/debit mandates via computerized UPI mandates will proceed to get executed until there’s steadiness out there in your account. Nevertheless, after March 15, 2024, credit score or deposit in your accounts is not going to be allowed. Subsequently, to keep away from inconvenience or disruption, it’s instructed that you simply make various preparations via one other financial institution, earlier than March 15, 2024.

6) Subsidy or sure direct profit on Paytm Funds Financial institution

No. After March 15, 2024, you won’t be able to obtain any such credit score into your account with Paytm Funds Financial institution. Please organize to vary your linked account to a different financial institution earlier than March 15 to keep away from any inconvenience or disruption.

7) What’s going to occur with the Paytm Pockets?

RBI clarified that the customers can proceed to make use of, withdraw or switch to a different pockets or checking account upto the steadiness out there within the pockets. Nevertheless, after March 15, customers won’t be able to top-up or switch cash into the pockets or obtain any credit, apart from cashbacks, or refunds into this pockets. Refunds and cashbacks are allowed to be credited.