The public notice states that as per the directions of laid out by the Reserve Bank of India, Paytm wallet business will be shifted to a new payments bank entity named Paytm Payments Bank Limited.
Paytm wallet services will soon be shifted to Paytm Payments Bank Ltd. company as announced by the company in a print notice. Founder of One97 Communications and CEO, Paytm, Vijay Shekhar Sharma shared the public notice printed in newspapers on his Twitter handle as well. The public notice states that as per the directions of laid out by the Reserve Bank of India, Paytm wallet business will be shifted to a new payments bank entity named Paytm Payments Bank Limited.
As the notice explains, the switch from One97 Communications to Paytm Payments Bank will keep the capacity of the KYC Wallet as same. Wallets without prior KYC (Know Your Customer) verification will have the same limits as before. Earlier the limit was at Rs 10,000. However during the demonetization the limit was raised up to Rs 20,000. The same limit for Paytm Wallets with KYC verification was Rs 1 lakh toll now. Any transfer of account to the Payments Bank will be done without detailed consent of the customer, but they can choose to decline the transfer by December 21, 2016, as per the notice. In that case, Paytm users will be left with option to transfer the money out of the digital wallet into their bank account. If the Paytm account isn’t transferred to Paytm Payments Bank, customers will not be able to transact with the wallet.
Payments Bank has been around for time now and the first brand to set their payments bank in India was Aitel. In year 2015, RBI issued an in-principle payments bank licence to 11 entities including Paytm, the Department of Posts, Cholamandalam Distribution Services, Tech Mahindra, National Securities Depository Limited (NSDL), Fino PayTech, Sun Pharma’s Dilip Shantilal Shanghvi, Airtel and Vodafone.
Post-demonetization announced by Prime Minister Narendra Modi’s government, Paytm has been one of the profitable end with credits to major rise in digital currency transactions.
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