Team Blitz India
NEW DELHI: The Reserve Bank of India (RBI) extended the deadline for restrictions on deposit and credit transactions of Paytm Payments Bank Limited (PPBL) to March 15, stating that customers and merchants might require “a little more time to make alternative arrangements”.
The earlier deadline was February 29.
Releasing a list of Frequently Asked Questions (FAQs), the regulator has clarified that merchants can accept payments using Paytm QR code, soundbox or point of sale (PoS) terminal even after March 15, if the receipt or transfer of funds are linked to any banks other than PPBL. Merchants, however, cannot transact after March 15 if the QR code, PoS, and sound box are linked to PPBL.
It was also clarified that PPBL couldnot offer any banking services, including unified payments interface (UPI) facility after March 15 — the deadline of which was February 29 earlier. No money transfers into PPBL accounts via UPI is not allowed after March 15.
