The EMI auto-debit order will run till the available amount in the Paytm Payments Bank

The EMI auto-debit order will run till the available amount in the Paytm Payments Bank

In order to minimize difficulty, the central bank recommended in its February 16 FAQs that alternate plans be made to set up EMI payments via a different bank by March 15.

In its frequently asked questions (FAQs), the Reserve Bank of India (RBI) stated on February 16 that auto debit orders for EMIs will remain available up to the balance in Paytm Payments Bank and that customers must submit them for further execution by March 15 at any other time. It will be necessary to make arrangements with the bank.

"Auto debit orders will be filled out till your account balance is accessible. But credit or deposits won't be accepted in your accounts after March 15, 2024, the RBI said in a FAQ.

In addition, the central bank advised that, before March 15, 2024, you make additional plans to set up EMI payments via a different bank in order to minimize any trouble.

Moreover, OTT subscriptions and power bills will be accessible on mandate balance.

Paytm Payments Bank was subject to significant business limitations on January 31 by the RBI, which included a prohibition on taking in new deposits and completing credit transactions beyond February 29.

As of right now, the central bank has moved forward the deadline for credit transactions and deposits to March 15.

The regulator discovered significant anomalies in the KYC, putting consumers, depositors, and wallet owners at grave danger.

The RBI said on January 31 that Paytm Payments Bank will now be subject to business limitations. A thorough system audit report and a follow-up compliance verification report from outside auditors, according to the central bank, revealed ongoing serious supervisory issues and chronic non-compliance at the bank, necessitating further supervisory action.

For the second time, the RBI prohibited Paytm Payments Bank from accepting new clients on March 11, 2022, citing violations of Know Your Customer, or KYC, regulations.

With the exception of interest, cashback, or refunds that may be credited at any time, no deposits, credit transactions, or top-ups are allowed in any customer account, prepaid device, wallet, Fastag, NCMC card, etc. after February 29. Could, RBI remarked.