Paytm, India’s leading digital wallet company has finally got the licence from the RBI (Reserve Bank Of India) for their payment bank. Paytm will has now got a green signal and will be starting a payments bank operations from May 23, 2017.
Paytm’s new payments bank operation named Paytm Payments Bank Limited will be starting next week from May 23, 2017. Renu Satti has been named as the CEO of the digital payments and commerce firm. Paytm’s wallet business will now be transferred to the payments bank. This will be for all the users who are using Paytm’s wallet.
Paytm Payments Bank Starting Next Week
The Paytm Payment Bank will be starting from May 23, 2017. The Paytm wallet users will now be shifted to the Paytm Payments Bank limited and the users will also have an option of discontinuing the wallet service.
People having money in their Paytm wallet should not worry as their money will be transferred to Paytm Payments Bank Limited from May 23, 2017. The customers need not do anything and the money will automatically be transferred. Airtel also has its own payments bank.
Nothing will change be it the mobile app, paying for taxing, paying for fuel, paying bills, paying for food etc.
How Will The Paytm Payments Bank Work
The Paytm wallet will be transferred into a Paytm Payment Bank. If the users don’t want to avail the Paytm Payment Bank service they can continue the Paytm wallet service. The users will also be given an option by Paytm to open a separate account and people will get an interest on their money if they choose to open a Paytm Payment Bank account.
The Paytm Payment Bank will be different from the normal banks.Some more things you must know about the Paytm Payments Bank:
- The maximum amount you can keep in a Paytm Bank is Rs. 1 Lakh.
- Paytm Payment Bank will not be giving an advance to the customers.
- They will be issuing debit cards and chequebooks to their customers but not credit cards.
- Paytm Payment Bank is launched so that people can easily and quickly use the banking services.
Source: The Economic Times