IANS | 18 Feb, 2024
The Reserve Bank of India (RBI) has extended by 15 days to March 15
the deadline after which Paytm Payments Bank Ltd is barred from
accepting deposits. The last date fixed earlier was February 29.
The
RBI said that the extension has been given 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.
“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 order states.
Withdrawal
or utilisation of balances by its customers from their accounts
including savings bank accounts, current accounts, prepaid instruments,
FASTags, National Common Mobility Cards, etc. are to be permitted
without any restrictions, upto their available balance which was stated
in the earlier order dated Jan 31 as well.
Banking services like
fund transfers (irrespective of name and nature of services like AEPS,
IMPS, etc.), BBPOU and UPI facility should be provided by the bank after
March 15, 2024 (extended from the earlier stipulated timeline of
February 29, 2024).
However, for the purpose of withdrawal or
utilisation of available balance by customers or wallet holders, such
fund transfers including AEPS, IMPS and UPI may be allowed anytime.
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, This was
also stated in the earlier order.
Similarly, settlement of all
pipeline transactions in nodal accounts referred in respect of all
transactions initiated on or before February 29, 2024) shall be
completed by March 15, 2024 and no further transactions shall be
permitted thereafter.
The RBI has directed that withdrawals up to
their available balance should be facilitated by the bank from all
accounts and wallets, excluding the ones that are frozen or lien marked
by Law Enforcement or judicial authorities.
RBI also directed that
the bank shall facilitate a seamless withdrawal of customer deposits
that are parked with partner banks under the automatic ‘sweep-in
sweep-out’ facility without causing any inconvenience to such customers.
