India’s leading digital wallet player Paytm has announced that the Paytm Payments Bank is going to commence its operations from 23rd of this month. According to a newspaper advertisement by Paytm, the payments bank has received the final license from the RBI and the company will be transferring its wallet business to the newly formed entity.
Customers having Paytm wallet will have their balance transferred to the Paytm Payments Bak Limited in the same capacity. If a customer doesn’t wish to continue with the payments bank service then he/she have to communicate the same to the company before May 23rd.
Payments banks can accept deposits from individuals and small businesses up to Rs 1 lakh per account.
At the same time, Paytm has also announced that its long-time executive and vice president Renu Satti will be the CEO of the payments bank. Satti has been heading Paytm’s movie ticketing business.
Rivals such as Airtel and India Post have already launched their operations and have been pushing it through massive advertisements and campaigns.