Payments Bank in Paytm From 23rd May 2017
As per the report, Paytm planning to start the operations for its payments bank from 23rd May 2017. According to the reports, the company will transfer its wallet users to their newly incorporated entity of Paytm Payments Bank Limited. Reportedly, Paytm has more than 218 million of mobile wallet users. Appointed Renu Satti has CEO of Paytm Payment Bank. She has worked in Paytm for more than ten years.
In case the wallet has been inactive with no activity in the last six months, the transfer to PPBL will only happen once the consumer gives specific consent. Payments banks can accept deposits from individuals and small businesses up to Rs 1 lakh per account.