In a recent development, the Reserve Bank of India (RBI) has directed Paytm Payments Bank Ltd (PPBL) to cease onboarding new customers and halt deposits due to persistent non-compliance and supervisory concerns. As a consequence, many business owners relying on Paytm Business QR Codes for UPI transactions find themselves in a situation where they need to switch their settlement bank. This article will guide you through the process of changing the settlement bank from Paytm Payments Bank to another bank seamlessly.
In the wake of RBI’s directive to PPBL, business owners are seeking alternative banking solutions for receiving money through UPI transactions. The first step in this transition is to identify a suitable replacement bank that aligns with your business requirements.
Evaluate various banks based on their services, fees, and compatibility with your business model. Ensure that the selected bank supports UPI transactions and provides a smooth process for settling payments. Once you have identified the new bank, initiate the account opening process and complete all necessary documentation.
How to Change Settlement Bank from Paytm Payments Bank Limited?
Changing the settlement bank for your Paytm Business QR Code involves a few simple steps. Follow these instructions carefully:
1 . Download or Install Paytm or Paytm Business App.
2. Open and Access your Paytm Business account using your credentials.
3. Navigate to Menu and Tap on Business > Payment & Settlement Settings.
4. Scroll Down and Tap on Change Bank Account
5. Click on Add New Bank Account.
6. Input the relevant information for the new settlement bank, including account number, IFSC code, and any other required details
7. Once you have entered the new bank details, save the changes to update your Paytm Business QR Code settings.
Note: Make sure to Change Settlement Bank from Paytm Payments Bank Before 29th Feb 2024.
Paytm may require a verification process to ensure the authenticity of the updated bank details. This can include submitting additional documents or undergoing a verification call. Be prepared to provide any necessary information promptly to expedite the process.
Before deploying the updated Paytm Business QR Code for customer transactions, conduct a test to ensure that the new settlement bank is functioning correctly. Process a small transaction and verify that the funds are settled in the newly designated bank account.
Adapting to changes in the regulatory landscape is crucial for businesses, and the recent directive from RBI regarding Paytm Payments Bank necessitates a shift in settlement banks for many business owners. By carefully following the steps outlined in this article, you can seamlessly transition your Paytm Business QR Code to a new settlement bank, ensuring uninterrupted and hassle-free transactions for your customers. Stay informed, stay compliant, and continue to thrive in the evolving digital payment ecosystem.
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