Paytm, the digital wallet service owned by One97 Communications Ltd, where founder Vijay Sharm holds a majority stake of 51% is to be converted into the Paytm Payments Bank after the reception of the bank licence by the Reserve Bank of India.
The user’s current Paytm Wallet would move to the Paytm Payments Bank Limited in the same capacity if the company doesn’t receive any communication from the user before December 21, 2016.
Paytm, the digital wallet service owned by One97 Communications Ltd, where founder Vijay Sharm holds a majority stake of 51% is to be converted into the Paytm Payments Bank after the reception of the bank licence by the Reserve Bank of India. The company released a statement on Monday and stated that according to the directions of the Reserve Bank of India, the company is to transfer its wallet business into the newly incorporated Paytm Bank entity following the receipt of necessary approvals. The Paytm Payments Bank will start under a Payments Bank licence awarded to Vijay Shekhar Sharma.
According to reports by the Livemint, this new unit will be responsible for the firm’s payment businesses, which include the Paytm wallet whereas One97 Communications still remains in charge of the e-commerce business. One of the spokespersons of the company told Livemint that the founder, Vijay Sharma is to hold a majority of the shares in the Paytm Bank. It was reported that the bank would not have any external shareholders. The spokesperson also confirmed that Vijay Sharma holds 51% of the form while 49% is owned by One97 Communications.
In the company statement that was issued on Monday, it was stated that the user’s current Paytm Wallet would move to the Paytm Payments Bank Limited in the same capacity if the company doesn’t receive any communication from the user before December 21, 2016. The statement reads that if the customer chooses not to use the Paytm wallet, he/she could send emails to their customer care emails ids and notify the company of opting out. The balance in the wallet could then be redeemed by a one-time transfer to their own bank accounts.
However, the appropriate details such as the name of the account holder, account number and IFSC Code of the bank must also be provided to redeem the amount within 15 days of the notification.
One failing to do so, the amount would be transferee to a ‘specially designated account’ with the Paytm Payments Bank Limited and the user would not be able to transact with their wallet money until bank details are submitted and the money is transferred into the desired account. The statement also reads that if the customer’s Paytm wallet has been inactive for a period of 6 months or has zero balance, it would not be transferred to the Paytm Payments Bank unless specific consent regarding the same is given by the customer.
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