Paytm Has Become The Payments Bank

Paytm payment bank: After a long wait now PAYTM has got the banking licence from the ‘Reserve Bank of India’. It was really a long wait for the Wallet company. Unlike, payment wallet business whether the company will be able to gain the popularity in banking sector or not that future will decide. But the road has become clear.for this ‘Chinese eCommerce company Alibaba‘ funded company (2015) to play its tole in banking sector also.

According to sources, PAYTM PAYMENTS BANK LIMITED will start its banking operation from next May 23, 2017.

Now, the question must be coming to your mind that what will happen if you have some amounts in your Paytm wallet? if you are a Paytm user.

Now here is the update:

What I Need To Do With Money I have In My Wallet?

You do not need to do anything yourself, your money in your wallet will automatically be transferred to Paytm Payments Bank Limited’s account and you can transfer the same way how you used to transfer before. Afterwards if you become an account holder of the bank then your wallet amount will be transferred to your own personalized Paytm payments bank account. Now it will behave like other banks who already have online wallet beside banking system. How you used to use Paytm wallet before you will just keep using it the same way, just banking part part has added to it.

Will Paytm issue Debit Card, Checkbook, ATM card etc. For Me?

The answer is yes, but only if you open a new bank account with them. They will start giving you offers obviously like other banks after 23rd May 2017, after all it is a business house, they need bank account holders too. They already have their sales team, though the existing customer care department is not that much efficient to handle prestigious clients unlike other reputed banks have, but I believe they will requite good professionals to handle that department properly.

Will I Be Able To Move My Wallet’s Money from Paytm Payments Bank Wallet To My Bank Account?

The answer is yes, you can send or move your Paytm payments Banks Wallet’s money to your desired bank’s account.

 Is Paytm Payments Bank Is Like Other Big Branded Banks?

The answer is no. This a limited banking system. You only can keep upto 1 lakh rupees in your account, not more than that. The purpose of these type of banks are to provide some basic banking facility, not like full featured banks like AXIS BANK, HDFC, ICICI etc.