After the delay of several months, the payment bank will now start from May 23. Paytm issued a notice and informed that the company has got the final approval from the Reserve Bank for this. In the notice, the company said that Paytm Payment Bank Limited (PPBL) has got the final license from the Reserve Bank and it will start working from May 23, 2017.
Paytm will transfer the full turnover of your Wallet to PPBL. It involves people using 21.80 million mobile wallet. The payment bank has received this license from Vijay Shekhar Sharma. Vijay Shekhar Sharma is the founder of One97 Communications, a company owned by Paytm.
In this notice, the company said that after May 23, the business of Paytm Wallet will go to PPBL. If a consumer does not want to do so, then they will have to inform the Paytm. (You can also email [email protected]) On receipt of the information, Paytm will transfer the money left in her Wallet to the Consumer’s bank account.
Such information must be given before May 23. If there is no activity in the wallet during the last six months, then transfer to PPBL will be done only after the approval of the Consumer.
Payment of Paytm Payment Bank can accept deposits of up to 1 lakh rupees in every account from people and small businessmen. Prior to this, Paytm’s payment bank was scheduled to start around Diwali last year.