Paytm to transfer wallet' to proposed payments bank

Mumbai: Digital wallet service Paytm will soon be converting into Paytm payments bank after receiving bank liecense from the Reserve Bank of India. The company  released statement  today in which it said  that as per the directions of RBI, the company will be transferring its wallet business into payment bank entity after receipt of necessary approvals. The Paytm Payments Bank will start under a Payments Bank licence awarded to Vijay Shekhar Sharma.

The company statement also stated that the user’s current Paytm Wallet would move to the Paytm Payments Bank Limited in the same capacity if the company doesn’t receive any communication from the user before December 21, 2016.

The statement also reads that if the customer chooses not to enjoy the benefits of  Paytm wallet, the person can send emails to their customer care emails ids or login into website paytm.com/care to notify the company of opting out. The balance in the wallet could then be redeemed by a one-time transfer to their own bank accounts.

In order to redeem the amount within 15 days of the notification, the customer will have to provide appropriate details such as the name of the account holder, account number and IFSC Code of the bank. If the person fails to do the same then the wallet money will be kept in a specially designated account with Paytm Payments Bank Limited but transaction with wallet money will not happen unless bank details are submitted and money is transferred into your own account.

The statement also reads that if the customer’s Paytm wallet has been inactive for a period of 6 months or has zero balance, it would not be transferred to the Paytm Payments Bank unless specific consent is given by customer regarding the same by logging into the app or on web or by mail.