Paytm to transfer to Paytm Payments Bank Ltd on May 23, 2017

Paytm’s parent company One97 Communications Ltd has sent an SMS to its customers stating that the company will be transferring the Paytm Wallet business to Paytm Payments Bank Ltd on 23, May 2017.

Image Courtesy : PayTm Blog

Paytm is India’s leading digital wallet service provider is going to start its Payments Bank operator after receiving the clearance from Reserve Bank of India. With this move, all the users will be shifted to Paytm Payments Bank Ltd on May 23, 2017. However, users will have the option to discontinue the service.

The Paytm Payments Bank service will be offered to its customers via Paytm app. Customers don’t need to download any other app to use the service. Once, they launch banking services, customers will get an option to open a separate bank account.

You won’t be able to keep more than ₹ 1 lakh in your Paytm Payments Bank account. Payments Bank can offer Cheque books, demand drafts, debit card and nomination facilities. Payments Bank(s) aren’t allowed to provide any kind of loans or Credit Cards.

Paytm didn’t announce any kind of interest rate on deposits.

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