Paytm, as country’s leading e-wallet has come to support people and economy in the immediate effects of the sudden demonetization of INR 500 and 1000 currency notes. Making it easier for people to continue with their everyday tasks despite the cash crunch, Paytm enables instant money transfers to bank account. The money collected in the Paytm wallet can be transferred directly and will be reflected in the bank account within a few seconds.
Here are the possible scenarios that might cause a delay in this process when you click on ‘Send Money to Bank Account’ in your Paytm Wallet Passbook.
The respective bank’s network may not respond to our request due to downtime or network fluctuation at their end. In such cases, we do multiple follow ups for 3 days, within which most issues are resolved. In extreme cases where there is no response even after 3 days, we instantly refund the money into the customer’s Paytm Wallet with a notification.
There may be occasional delays while processing IMPS transactions owing to a Time out at Bank/NPCI’s (National Payment Council of India) end. This may also take up to 3 days for the actual status to reflect in our books, and we inform the user instantly.
If you initiate a refund for an order, we instantly trigger a refund request to the payment source. In case of Debit/Credit Card or Net Banking transactions, the acquiring bank may take up to 24–48 hours to process this request. At our end, we receive a reference number (ARN/RRN) from the bank that confirms that they’ve received the money. We share the same with the customer and recommend them to follow up with the bank.