In the midst of the RBI’s crackdown on payment banks, Paytm teams up with Axis Bank to settle merchant payments.
Against the backdrop of a crackdown on Paytm Payments Bank, Paytm has chosen to collaborate with Axis Bank to settle merchant payments.
Paytm, a well-known fintech business, decided to join with Axis Bank during the Paytm Payments Bank issue in order to help with the seamless processing of merchant transactions. The parent company of Paytm, One97 Communications, moved its main account from Paytm Payments Bank to Axis Bank. According to the company’s regulatory filing, this calculated action guarantees that Paytm QR, Soundbox, and card machines will continue to function normally after the Reserve Bank of India’s (RBI) March 15 deadline.
The choice was made in accordance with the RBI’s advice that all businesses and clients move their Paytm Payments Bank accounts to other financial institutions prior to the previously indicated date. The payments bank was given an extra 15 days to conclude the majority of its activities, including credit and deposit transactions, in order to ease this transfer.
“The company has also transitioned its primary account to Axis Bank (through the establishment of an escrow account) to maintain the seamless settlement of merchant transactions,” according to Paytm’s regulatory filing.
“It is envisaged that this agreement will replace OCL’s prior nodal account with Paytm Payments Bank. Since its founding, Paytm Payment Services Ltd (PPSL), a subsidiary fully controlled by OCL, has used Axis Bank services,” the petition added.
The importance of Paytm’s nodal account, which acts as its primary account for settling all merchant and consumer transactions, should not be overlooked. RBI also made it clear that Paytm QR codes, Soundbox devices, and POS terminals will continue to function after March 15 as long as they are connected to other banks instead of PPBL.
This development comes after the Financial Intelligence Unit (FIU) reported to RBI on KYC anomalies found in many Paytm Payments Bank accounts, raising suspicions about possible money laundering.
RBI extends the Paytm Payments Bank deadline./आरबीआई ने पेटीएम पेमेंट्स बैंक के लिए समय सीमा बढ़ा दी है
पेटीएम पेमेंट्स बैंक लिमिटेड (पीपीबीएल) के ग्राहकों और व्यापारियों को अपना व्यवसाय अन्य बैंकों में स्थानांतरित करने की अवधि भारतीय रिजर्व बैंक (आरबीआई) द्वारा बढ़ा दी गई है। समय सीमा 29 फरवरी से 15 मार्च तक पुनर्निर्धारित की गई है।
आरबीआई ने यह भी घोषणा की है कि, 15 मार्च की समय सीमा के बाद भी, पीपीबीएल ग्राहकों को बचत बैंक खाते, चालू खाते, प्रीपेड उपकरण, फास्टैग और नेशनल कॉमन मोबिलिटी कार्ड जैसे खातों से अपनी शेष राशि निकालने या उपयोग करने की अनुमति दी जाएगी। कोई भी सीमा, बशर्ते कि उनका उपलब्ध शेष अनुमति रहित रहे।
फिर भी, आरबीआई के आदेश के अनुसार, ग्राहक और व्यापारी 15 मार्च के बाद लेनदेन निष्पादित नहीं कर पाएंगे या अपने पीपीबीएल खातों में जमा नहीं कर पाएंगे।
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Can I keep using my Paytm FASTag to pay tolls? RBI provides consumers with FAQs | Details:
After March 15, will your Paytm-linked FASTag still function? All of your questions addressed
Regarding the Paytm Payment Bank issue, the Reserve Bank of India (RBI) released a series of frequently asked questions on Friday. The FASTag associated with the Paytm Payment Bank is only valid until March 15, 2024, according to the central bank.
However, in order to spare customers from discomfort, the RBI has recommended substitute techniques.
Paytm Payments Bank has provided me a FASTag. Can I use it after March 15, 2024, to pay tolls?
Indeed. You can keep using your FASTag to pay toll as long as there is money left in it. Nevertheless, after March 15, 2024, no additional funding or top-ups will be permitted in the FASTags issued by Paytm Payments Bank. To prevent any hassle, it is advised that you obtain a new FASTag from a different bank by March 15, 2024.
Paytm Payments Bank has provided me a FASTag. Is it possible to top off the balance after March 15, 2024?
No. You won’t be able to add money to or recharge your Paytm Payments Bank-issued FASTag after March 15, 2024. To prevent any hassle, it is advised that you obtain a new FASTag from a different bank by March 15, 2024.
I have a new FASTag that I got from another bank; can I transfer the balance from my old FASTag that was issued by Paytm Payments Bank?
The FASTag product does not include a credit balance transfer capability. You will thus need to cancel the previous FASTag that Paytm Payments Bank granted you and ask the bank for a refund.
Paytm Bank ka ifsc cod
Paytm Bank swift code:
What is a SWIFT CODE?
Generally referred to as ISO 9362, SWIFT-BIC, BIC code, SWIFT ID, or SWIFT code, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) is an accepted standard format of Business Identifier Codes by the International Organization for Standardization (ISO). It serves as a special identification number for establishments that are not financial in nature. (A code may also be referred to as a Business Entity Identifier, or BEI, if it is assigned to a non-financial entity.) These codes are used for other messages that are exchanged between banks as well as for money transfers, especially international wire transfers. Account statements occasionally contain the codes. The BIC and SWIFT codes are nearly identical.
The eight or eleven character SWIFT code is Ex. BBBBUS3M489 BBBB. Bank code or institution code, four letters.
US Country code ISO 3166-1 alpha-2 in two letters
3M Two digits or letters: the location code
It is usually a test BIC rather than a BIC utilized on the live network if the second character is “0”.
The second character indicates a passive SWIFT network participant if it is “1”.
When the second character is “2”, it usually means that the billing BIC is reversed, meaning that the recipient pays for the message instead of the sender, which is the more common scenario.
Branch code 489 is the last three letters or numerals.
