After a little more than 24 hours of receiving the payment in PayPal, the amount was auto-transferred to my bank account. Also, got the notification in mail:
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It took around 12 hours for the amount to show up here. A poster at reddit stated that the amount will be reflected in the balance within 20 hrs. or so. https://www.reddit.com/r/paypal/comments/is72sd/recieved_a_payment_but_balance_shows_0_heres_why/?utm_medium=android_app&utm_source=share
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