Paytm Payments Bank Wallet: Can you use money after March 15? Here's what RBI says

The Reserve Bank of India today published a set of Frequently Asked Questions (FAQs) to provide customers with comprehensive information regarding the business restrictions imposed on Paytm Payments Bank. A considerable number of users rely on the Paytm Payments Bank wallet for various transactions, encompassing bill payments, mobile recharges, FASTag account top-ups, and peer-to-peer fund transfers.

Here are some FAQs on Paytm Payments Bank Wallet issued by the Reserve Bank of India:

I have a wallet with Paytm Payments Bank. Can I continue to use money from this wallet after March 15, 2024?

Yes. You can continue to use, withdraw or transfer to another wallet or bank account upto the balance available in the wallet. Minimum KYC wallets can, however, be used only for merchant payments.

I have a wallet with Paytm Payments Bank. Can I top-up or transfer money into this wallet after March 15, 2024? Can I receive money from any other person into this wallet after March 15, 2024?

No. After March 15, 2024 you will not be able to top-up or transfer money into the wallet or receive any credits, other than cashbacks, or refunds into this wallet.

I have a cashback due in my wallet with Paytm Payments Bank. Can I receive this cashback after March 15, 2024?

Yes. Refunds and cashbacks are allowed to be credited.

I have a wallet with Paytm Payments Bank. Can I close this wallet and have the balance transferred to my bank account with another bank

Yes. You may approach Paytm Payments Bank or use its banking app to close your wallet and transfer the balance to an account maintained with another bank in the case of full KYC wallets. In the case of minimum KYC Wallets2, you may use the available balance or request for a refund.