E-wallet company Paytm rolls over to Paytm Payments Bank
The e-wallet company, which calls itself India's largest m-commerce platform for payments, recharges, shopping, movie tickets and more, shot to fame after the November 2016 demonetisation.
The first physical branch of bank is located in Noida (NCR).
According to the media reports, the company plans to invest around Rs 400 crore to build its banking network over the next two years.
The payments bank has already received an investment of Rs 220 crore from its parent company One97 Communications, reports said.
Now that the Paytm Payments Bank is here, the essential question remains what will happen to your wallet account?
According to the company, the Payments bank is licensed by the Reserve Bank of India and can accept customer depotists upto rupees one lakh per customer in a wallet, savings or current account and can offer other banking services.
Those already using Paytm wallet can continue to do so as their wallet now resides wit Paytm Payments bank with same limits, the company said.
While the wallet will become a part of the bank, it will not accrue any interest unlike money in the bank account.
Prior to Tuesday launch, One97 Communications had informed Paytm users that they may opt out from joining the bank by sending an email to the company.
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