According to official Paytm blog website, RBI has approved Paytm to launch its payments bank. This will make the Paytm wallet more powerful.
As per RBI guidelines, the 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 have to do anything additional.
The site stated that the customers will continue to use all the services as usual. The Paytm wallet will work as it is and all the details including wallet balance, login id and password will remain same. For all the use cases such as paying for cabs, paying at stores, fuel, ticketing, etc, Paytm wallet will work as usual.
The Paytm Payments Bank will add few more benefits such as chequebook,bank account,a debit card etc. According to reports, the person concerned will also earn interest on the money available in his account.
Vijay Shekhar Sharma owns 51% in Paytm Payments Bank Limited (PPBL) and 49%
ownership is with One97 Communications Ltd.
People’s current Paytm Wallet will be transferred to the Paytm Payments Bank Limited as KYC wallet. It is just a transfer of ownership of wallet to a Paytm Payments Bank Ltd company. Once Paytm launch the bank, the person concerned will get the option of opening a separate bank account. Although, it is not necessary to open the bank account with Paytm Payments Bank to use the wallet.
If a person’s wallet has been inactive for the past six months and has zero balance, it won’t be transferred to the Paytm Payments Bank Wallet unless he/she specifically give consent for the same while logging into the app, web or by e-mail.