New Delhi: The last hurdle to become paytm payment bank has now gone away and after the delay of several months, the payment of paytm will begin on May 23. The final approval from the Reserve Bank has also been received for this.
paytm said in a public notice that “paytm Payment Bank Limited (PPBL) has got the final license from the Reserve Bank and it will start working from May 23, 2017.” Will transfer to PPBL. It involves people using 21.80 million mobile wallet (mobile wallet). The payment was received by Indian resident Vijay Shekhar Sharma from the bank. The owner of Vijay Shekhar Sharma PTM is the founder of Company One 97 Communications.
Know what will change for users from paytm since May 23?
It has been said that after May 23, the business of paytm Wallet will go to PPBL. If a customer does not want this, then they will have to give information to the paytm. On receipt of the notice, paytm will transfer the money left in his wallet to the concerned customer’s bank account. Such information must be given before May 23. If there is no activity in the wallet during the last 6 months, then the money transfer in the PPB will be only after the special permission of the customer. Paytm payment bank can accept deposits up to Rs 1 lakh per account per person and small businessmen. Prior to this, paytm payment bank was scheduled to start around Diwali last year but now it is finally going to start.
What will be the money kept in paytm Wallet?
Money kept in paytm Wallet will be transferred to paytm Payments Bank Limited because the Wallet business will now be part of a new company. You will not have to do anything for this and the process will be automatic. If customers of paytm Bank need a bank account number, check book and debit card, then you will have to open an account with the company’s new payment bank. If not, your petty wallet will continue to work as usual. However, the company will give you an option to open a separate account and if you open a new account in the payment bank, you will also get interest on it.
