ZEE Business
ZEE BUSINESS
Live TV
Live TV
  • India
    • Economy
    • Politics
    • Markets
  • World
    • Economy
    • Politics
    • Markets
  • Companies
    • Auto
    • Banking & Financial Services
    • Pharma
    • Energy
    • Infrastructure
    • Media
    • IT
    • Telecom
    • Consumer Products
    • Aviation
    • FMCG
  • Market
    • Mutual Funds
    • Commodity
  • Personal Finance
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
  • Technology
  • Automobile
    • Cars
    • Bikes
  • Small Business
    • SME
    • Startups
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
    • AUTHORS
Home » Small Business News

Paytm Payments Bank to begin operations from May 23

Paytm Payments Bank has received RBI approval to run its banking operations from May 23. The bank will be converting customers' e-wallets to bank accounts.

  • Twitter
  • Facebook
  • GPlus
Paytm Payments Bank to begin operations from May 23
The One97 Communications Ltd owned company will begin banking operations as early as May 23 and will be transferring its wallet business to the bank. Image Source: Zeebiz Webdesk
By ZeeBiz WebTeam
Updated: Wed, May 17, 2017
12:51 pm
Mumbai, ZeeBiz WebDesk
RELATED NEWS
ATM cash crunch: Mobile wallet cos see spike in digital transactions ATM cash crunch: Mobile wallet cos see spike in digital transactions
Paytm more preferred by Indian professionals than Google: LinkedIn Paytm more preferred by Indian professionals than Google: LinkedIn
WhatsApp payments? See what the future may hold for lenders WhatsApp payments? See what the future may hold for lenders
PhonePe hits out at Paytm, says claims around UPI are PhonePe hits out at Paytm, says claims around UPI are "misleading"
You won't believe who's the youngest Indian billionaire in Forbes rich list! You won't believe who's the youngest Indian billionaire in Forbes rich list!

Key Highlights

  • Paytm Payments Bank Ltd to commence operations from May 23.
  • Paytm will convert customer wallets to bank accounts automatically if no communication from customer is received.
  • Customers who have inactive wallets for six months will have their money transferred to the bank account only if the customer specifies consent.

Paytm’s owner and CEO, Vijay Shekhar Sharma on Wednesday tweeted that its Paytm Payments Bank was “coming soon!” as it has received a nod from Reserve Bank of India.

The One97 Communications Ltd owned company will begin banking operations as early as May 23 and will be transferring its wallet business to the bank.

“It is our pleasure to inform you that Paytm Payments Bank Limited has received the final license from the Reserve Bank of India and would commence its operations on 23 May, 2017,” Paytm said in a public notice.

Customers’ Paytm Wallets will now convert to Paytm Payments Bank Ltd, as per the direction of RBI, maintaining the ‘same capacity,’ Paytm said.

Paytm said that if customers do not respond by May 23 their respective wallets will be transferred into bank accounts.

“If you choose not to continue to enjoy the benefits of you Paytm Wallet, please email us at help@paytm.com or login to paytm.com/care to notify your choice of opting out and redeeming your balance by one time transfer to your own bank account. Please indicate the Account Holder Name, Account Number and the IFSC Code of the bank where you wish to redeem the balance within 15 days of notifying your choice,” Paytm said.

Further Paytm said, “If you choose to opt out and we don’t hear from you with the above details, your Wallet money will be kept in a specially designated account with Paytm Payments Bank and the funds will be available on receipt of your bank details required for transfer of Wallet money to your own bank account.”

Those who have inactive wallets for the past six months Paytm said will have their money transferred to the bank account only if the customer specifies consent.

“If your Wallet has been inactive for last six months and has zero balance, it will be transferred to the Paytm Payments Bank Limited only if you give specific consent for the same. You may provide your consent by logging into your account in the app or on the web or by emailing your consent to help@paytm.com,” Paytm added.

 

TAGS:
PaytmPaytm Payments Bank LimitedVijay Shekhar SharmaOne97 Communications Ltde-walletsRBIReserve Bank of IndiaE-commerceStartup
Next Article

NEXT STORY: Amazon takes on Flipkart’s Big 10 sale with similar offers

RELATED NEWS
ATM cash crunch: Mobile wallet cos see spike in digital transactions ATM cash crunch: Mobile wallet cos see spike in digital transactions
Paytm more preferred by Indian professionals than Google: LinkedIn Paytm more preferred by Indian professionals than Google: LinkedIn
WhatsApp payments? See what the future may hold for lenders WhatsApp payments? See what the future may hold for lenders
PhonePe hits out at Paytm, says claims around UPI are PhonePe hits out at Paytm, says claims around UPI are "misleading"
You won't believe who's the youngest Indian billionaire in Forbes rich list! You won't believe who's the youngest Indian billionaire in Forbes rich list!

LATEST NEWS

TCS second Indian firm to cross $100 bn; guess the first one!

India receives $69 bn remittances in 2017; retains top slot

PSEB 12th result 2018: 10+2 merit list out, check high performers; Punjab board result declared on pseb.ac.in

Indian Railways turns to DDA to get Anand Vihar, Bijwasan stations up sans glitches

Baaghi 2 Box office collection: Tiger Shroff movie grabs another Rs 1.25 crore during weekend, rises to Rs 156.58 cr

BoB Recruitment 2018 notification: Applications invited for these 424 posts; check bankofbaroda.co.in

Big move! Indian Railways to roll out paper glasses over this ban

HPBOSE Result 2018: Class 12 Results to be declared on hpbose.org by Himachal Pradesh Board tomorrow; check hpresults.nic.in too

Here is what you can do to give Indian Railways a Rs 33,000 cr lift, turn burden into boon

This Mumbai homebuyer get big relief from Sapphire 1 builder; set to get money

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Contact Us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • Amazon Prime Day
  • Income Tax
  • Bharti Airtel
  • NPA
  • Home Loan

Trending Topics

  • Farm Loans
  • 7th Pay Commission
  • Sanitary Pads
  • National Stock Exchange
  • GST

Follow us on

zeebiz
zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved