Patym Payments Bank customers told to shift to other banks

Mumbai: The RBI on Friday advised customers as well merchants of Paytm Payments Bank Ltd (PPBL) to shift their accounts to other banks by March 15, giving 15 more days to the beleaguered entity to close most of its operations, including deposit and credit transactions.

The earlier deadline was February 29, 2024, which the RBI has extended by 15 days keeping in view the interest of customers (including merchants) of PPBL who may require a little more time to make alternative arrangements and in the larger public interest The RBI also said withdrawal or utilisation of balances by PPBL customers from their accounts, including saving bank accounts, current accounts, prepaid instruments, FASTags, National Common Mobility Cards will be permitted without any restrictions, up to their available balance even beyond March 15. The central bank has also issued a list of 30 Frequently Asked Questions (FAQs), for the convenience of customers of PPBL, and the general public at large.