DateTopicDetailsPODEffective Date
March 26, 2024Merchants to update Paytm bank account detailsAs per RBI Directives dated Feb 23rd, 2024, PayTM Payments Bank will cease from receiving credits.
Merchant accounts with Paytm bank accounts linked as their settlement account with Razorpay would have to update the same via the self serve option available on the dashboard.
Post onboardingMarch 26, 2024


Merchants reaching out with regards to the settlements on hold:


1. Agent to check if there is a hold on the settlement schedule for the merchant

2. Check if the merchant has a Paytm bank account linked as their settlement account

3. Click on merchant information section on the SAV and enter IFSC to find the details

sample:

4. If the IFSC pertains to PYTM - please request the merchant to change their bank account details via the self serve option.


Canned response to be used:


Dear Merchant,

Greetings from Razorpay.

As per RBI Directives dated Feb 23rd, 2024, PayTM Payments Bank with IFSC - PYTM___ will cease to accept any settlement amount starting 15th March, 2024.

Request you to follow the below mentioned steps to update your bank account linked with Razorpay to resume receiving settlements.

a. Login to Razorpay Dashboard
b. Select Account & Settings option in the left column
c. Choose the Bank accounts and settlements option
d. Select the Bank account details option and choose Change bank account field to update the new bank account details 

Regards,
Team Razorpay