Paytm payments bank- As we all know Paytm is going to launch its own bank from 23 May 2017. The parent company of Paytm announced that it plans to merge Paytm Wallet into Paytm Payments Bank. Vijay sekhar sharma says After Building it from concept to a strong category leader. Paytm wallet business will be transfer to Paytm Payments Bank Ltd on 23 May, 2017. If you don’t want to convert your paytm wallet into paytm payments bank, Read below instructions and FAQ’s to know more.
Payments Bank is a new type of bank, licenced by the Reserve Bank of India. As a Payments Bank, Paytm can now accept customer deposits up to Rs. 1 lakh per customer in a wallet, savings or current account and offer other banking services like Debit Cards, Online Banking and Mobile Banking.
How is a Payments Bank different from a normal bank?
Payments Banks are not allowed to lend to customers. However, they can partner with other financial institutions/banks to offer financial products like loans, insurance, mutual funds, pension funds etc.
What are the services offered by Paytm Payments Bank?
Paytm Payments Bank will continue to offer paytm wallet. In addition, current accounts for businesses and interest bearing savings accounts for individuals will be offered by bank. It will also enable you to access a range of financial services such as insurance, loans, Mutual Funds offered by our partners with the seamless Paytm experience.
Your current Paytm Wallet will now move to the Paytm Payments Bank Limited in the same capacity i.e. KYC wallet as KYC wallet and minimum detail-KYC wallet as minimum detail-KYC wallet. If we do not receive any communication against the same before December 21, 2016 your wallet will move as a part of the migration, but you will continue to enjoy the same experience of the wallet. To upgrade to bank account, you will need to complete KYC and sign up.
However, if you have not used your wallet in last 6 months and have zero balance in your wallet, you will be required to consent to the migration through login to your wallet before the migration date to move to Paytm Payments Bank.
Movement to Paytm Payments Bank is required by RBI for all Paytm Wallet customers. However, If you choose not to continue to enjoy the benefits of the Paytm Wallet, please email us at [email protected] and we will let you know the process to transfer your wallet money to your bank account.
Alternatively, you can raise your request either through Paytm app or through website by following these steps – Through App –
1. Go to Profile section
2. Select ‘Contact Us’ on IOS devices & ‘Help & Support’ on Android devices
3. Choose the option – Paytm Payments Bank
4. Select your issue category as – Know about Paytm Payments Bank
5. Select your issue as – Opt out of movement to Paytm Payments Bank
I’m a Paytm O2O point Paytm partner, what does this mean for me?
Your wallet continues to work the same way as before. There is no impact on your cashflows or the mode of accepting payment. We recommend that you complete your KYC, so that you can ejoy banking faclities with us soon.
No, withdrawing money from wallet is not allowed as per RBI policies. If you envisage such use, we recommend that you open a savings or current account by completing your KYC and signing up. Current and Savings acocunts will be coming soon.