The Reserve Bank of India (RBI) had issued an order to ban the services of Paytm Payments Bank on January 31 and had fixed its deadline as February 29, but now this deadline has been extended to March 15, 2024. Is.
Paytm, a company providing QR Code or online mobile payment services in India, got a big relief recently amid the crisis, when the Reserve Bank of India i.e. RBI lifted the ban imposed on its banking branch Paytm Payments Bank.
Deadline extended till 15 March 2024. Earlier, the date of February 29 was set for the ban on services. Now according to a report, RBI has confirmed that Paytm’s QR code, soundbox and card machine services will continue even after the March 15 deadline.
Services to merchant users will continue
According to the report of Business Today, this confirmation made by RBI is another big relief for Paytm. Now the merchant payment services of Fintech firm Paytm will continue as before and will continue to work uninterrupted as usual even after March 15. In the stock exchange filing, the company also confirmed that it will continue to empower merchants with seamless payments.
Merchants can continue to use the services of QR Code, Soundbox and Card Machine without any disruption. The number of Paytm merchant payment users is very high in the country.
Nodal account shifted to Axis Bank
To ensure hassle-free payment services to merchants, Paytm’s parent company One97 Communication has recently shifted its nodal account to Axis Bank. Paytm’s Nodal Account is like a master account, which settles the transactions of all customers and merchants.
Simply put, users who have an account with Paytm Payments Bank can easily settle their transactions even after the deadline of March 15. Let us tell you here that Paytm operates the nodal account through its subsidiary Paytm Payments Bank Limited.
RBI had issued order on 31 January
It is noteworthy that the Reserve Bank of India had issued an order to ban the services of Paytm Payment Bank on January 31 and its deadline has now been extended to March 15 instead of February 29. Under the order, no further deposits, credit transactions or top-ups will be allowed in Paytm Payment Bank users’ accounts, prepaid instruments,
wallets, Fastag, National Common Mobility Card etc. after March 15, 2024. But now that Paytm is connecting with Axis Bank instead of PPBL, the services like Paytm QR Code, Paytm Soundbox or Paytm POS Terminal provided to the merchants will continue.
