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Paytm Payments Bank has seen the light of the day after obtaining the required license from RBI. One97 Communications Ltd founder Vijay Shekhar Sharma holds a majority stake of 51% in the organisation and this entire stake shall be converted into Paytm Payments Bank after the reception of this license. Subsequently, the company shall transfer its wallet business into the Paytm Bank entity. One97 Communications shall remain in charge of the e-commerce business while the Payments bank shall not have any external shareholders.
By default, a user’s current Paytm wallet would move to the Paytm Payments Bank. However, if a current Paytm wallet holder does not want to be associated with the Payments Bank, he may send the communication to the company through email to customer care email ids before Dec 21, 2016. The balance in the wallet could then be redeemed by a one-time transfer to their own bank accounts. 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.