Paytm Payments Bank becomes operational from today; 10 things you must know

Paytm Payments Bank has become operational from today onward and your current Paytm wallet has been moved to the payments bank.

Now, your Paytm wallet will operate under the Paytm Payments Bank and will continue to work in the manner as earlier and your login details will remain the same.

Vijay Shekhar Sharma’s Paytm Payments Bank got approval from the Reserve Bank of India (RBI) in January this year.

Payments banks is a new model of banks conceptualised by the RBI and can accept a restricted deposit, which is currently limited to Rs 1 lakh per customer and may be increased further. These banks cannot issue loans and credit cards.

Under the Paytm Payments Bank, which is dubbed as India’s first bank with zero charges on online transactions, will have zero minimum balance requirement and issue free virtual debit card.

Paytm became a household name after demonetisation as many Indians moved to the digital wallet and made maximum transactions.

Now that the digital wallet has become a payments bank, here’s everything you should know