Payments Bank Division and Paytm Wallet Business are merged together

Written by | December 6, 2016 | 0

The holding company of Paytm, One97 Communication is decided to merge its new formed Paytm Payments Bank division with its payments platform Paytm Wallet.

Vijay Shekhar Sharma, the head official of the One97 Communications, is waiting for the approval from RBI for starting its operations of the Paytm Payments Bank. One 97 Communication will remain with the ownership of e-commerce platform and Paytm Payments Bank will take over the Paytm Wallet business.

Vijay Shekhar Sharma the Chief Executive Officer of One97 Communications, was granted the in-principle payments bank license by the RBI earlier this year. Sharma reportedly owns 51 percent of Paytm Payments Bank, while One97 Communications has the remaining 49 percent stake.

In the statement, Paytm said, “as per directions of the Reserve Bank of India, One97 Communications Ltd. will be transferring its Wallet business after receipt of necessary approvals to the newly incorporated Payment Bank entity, Paytm Payments Bank Limited, under a Payments Bank license…”

Addressing current Paytm users, the statement reads, “Your current Paytm Wallet will now move to the Paytm Payments Bank Limited in the same capacity i.e. KYC Wallet as KYC Wallet and minimum detail KYC Wallet as minimum detail KYC Wallet, if we do not receive any communication from you against the same before December 21, 2016.”

This essentially means that existing Paytm users’ accounts and associated balance will be automatically transferred to the payments bank entity unless they object to the move.

People can opt non-switching their account in the Paytm Payments banks. And people who didn’t have any some in their account will not be transferred to the payments bank entity.

Filed in: National

No comments yet.

Leave a Reply