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.
- 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.
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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 firstname.lastname@example.org 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 email@example.com,” Paytm added.