As the Reserve Bank of India’s (RBI) deadline to ban Paytm Payments Bank Limited (PPBL) ends on Friday, here are key changes for millions of Paytm users and merchants that will come into force.

First of all, those having a savings bank or current account with Paytm Payments Bank will be not able to deposit money into their account.

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No credits or deposits other than interest, cash-backs, sweep-in from partner banks or refunds are allowed to be credited, according to the Central bank.

However, one can continue to use, withdraw or transfer funds from their account up to the available balance in your account.

Also, refunds, cashbacks, sweep-in from partner banks or interest are permitted and credits into the account even after March 15, 2024.

“The existing Deposits of Paytm Payments Bank customers maintained with partner banks can be brought back (sweep-in) to the accounts with Paytm Payments Bank, subject to the ceiling on balance prescribed for a Payments Bank (Rs 2 lakh per individual customer at the end of day),” according to RBI.

However, no fresh deposits with partner banks through Paytm Payments Bank will be allowed after March 15.

If one’s salary is credited into the account with Paytm Payments Bank, they will not be able to receive any such credits into your account post the deadline.

Withdrawal/debit mandates–such as National Automated Clearing House (NACH) mandates–will continue to get executed till there is balance available in your account.

“However, after March 15, 2024, credit or deposit in your accounts will not be allowed. Therefore, to avoid inconvenience, it is suggested that you make alternative arrangements through another bank, before March 15, 2024,” RBI had said in its guidelines.

For merchants using Paytm Payments Bank to receive payments, if their receipt and transfer of funds is linked to any bank account other than Paytm Payments Bank, they can continue to use this arrangement even after March 15.

However, after March 15, “you will not be able to receive any credit into your bank account or wallet with Paytm Payments Bank other than refunds, cashbacks, sweep-in from partner banks or interest.”

It is suggested that a user obtain a fresh QR code linked to an account with another bank or wallet to receive payments. One may also change their bank account details (in which they receive payments) through their service provider.

On Friday, the National Payments Corporation of India (NPCI) granted approval to One97 Communications Limited (OCL), the parent company of Paytm, to participate in unified payments interface (UPI) as a third-party application provider (TPAP) under multi-bank model.

Four banks (Axis Bank, HDFC Bank, State Bank of India, YES Bank) will act as PSP (payment system provider) banks to OCL.

“YES Bank shall also be acting as merchant acquiring bank for existing and new UPI merchants for OCL,” the NPCI said.

Meanwhile, the National Highways Authority of India (NHAI) has advised Paytm FASTag users to procure a new FASTag issued by another bank before March 15. They can use their existing balance to pay the toll beyond the stipulated date.