Paytm Payments Bank : Reserve Bank of India gave permission to formally launch Paytm Payments Bank. Over the next five days, the money in 160 million Paytm wallets will show up in a corresponding number of Paytm Bank wallets as the wallet company becomes a payments bank. Check this Post to Earn paytm cash for Free
Paytm have received the final licence for Paytm Payments Bank from RBI and are in the process of launched on 23 May, 2017. Renu Satti will be the CEO of Paytm Payments Bank.
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Paytm Payments Bank Details
As per RBI guidelines, your Paytm Wallet will soon be transferred to the newly incorporated Paytm Payments Bank. Till now they were issued by One97 Communications Limited. This will happen automatically, and Paytm users do not need to do anything additional.
What will happen to the Paytm wallet money?
1. It will simply be transferred to Paytm Payments Bank Ltd on 15 January. This means existing wallets will move from One97 Communication Ltd (the company currently behind Paytm) to Paytm Payments Bank Ltd.
2. This change does nothing to the money in the wallets. Nothing changes, notes the company.
3. If a person has a balance of Rs2,000 in her current Paytm wallet, the same will reflect in her new Paytm Bank wallet.
4. Wallets that have been inactive for six months and have zero balance won’t be transferred to the Paytm Payments Bank wallet unless their holders specifically consent to the same while logging into the app, web or by e-mail.
5. This doesn’t mean people with a Paytm wallet need to open an account with the bank to continue to use the wallet.
6. In a 6 December 2016 notification, Paytm said that as per Reserve Bank of India guidelines, its wallet would be transferred to the newly incorporated Paytm Payments Bank.
7. “Your Paytm wallet will work as it is, even after 15 January. Log in details, wallet balance and user experience will remain the same.
8. Your Paytm wallet experience will remain the same for all current use cases such as paying at stores, paying for Uber rides, ticketing, fuel, etc,” the company said on its website.
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FAQs on Paytm Payments Bank:
Q. What happens to my current Paytm Wallet?
A. It will be transferred to the Paytm Payments Bank Limited as it is, i.e. KYC Wallet as KYC Wallet and minimum KYC Wallet as minimum KYC Wallet
Q. What happens to my money in the Paytm Wallet?
A. Your money is absolutely safe in the Paytm Wallet. It is always yours and you will never lose it. If you have any balance in your current Paytm Wallet, it will reflect in your new Paytm Payments Bank Wallet
If your Wallet has been inactive for the last six months and has zero balance, it won’t be transferred to the Paytm Payments Bank Wallet unless you specifically give consent for the same while logging into the app, web or by e-mail.
Q. Does this mean, I get a bank account with Paytm Payments Bank?
A. No. This is just a transfer of ownership of wallet to a new company called Paytm Payments Bank Ltd. Once we launch the bank, you will be given an option to open a separate bank account with us
Q. Can I move my money to any other Bank from Paytm Payments Bank Wallet?
A. Yes, you would be able to send money to any bank account from your Paytm Payment Bank Wallet.
Q. Is it mandatory to open an account with Paytm Payments Bank once it is launched, to continue using the wallet?
A. You are not required to open an account with Paytm Payments Bank to use the wallet.
Q. Can I opt out?
In case you choose not to continue to enjoy the benefits of your Paytm Wallet, please email us at [email protected] or log in to Paytm.com/care to notify your choice of opting out and redeeming your balance by a one time transfer to your own bank account. Do indicate the account holder’s name, account number and the IFSC Code of the Bank where you wish to redeem the money.
Q. Do I have to pay any fees for this transfer?
A. You do not have to pay any fee for this transfer.
So This is Full Details on Paytm Bank, So From 15th Jan 2017 your Paytm, wallet will be converted to Paytm Bank. If you have