Your Paytm wallet is all set to become more powerful. Here’s how

Paytm recently received official approval from the RBI to launch its payments bank and this is going to make your payment wallet stronger.
As per RBI guidelines, your Paytm wallet will soon be transferred to the newly incorporated Paytm Payments Bank. Till now they were issued by One97 Communications Limited. This will happen automatically, and Paytm users do not need to do anything additional.

The business will flow as usual in your Paytm wallet and. All details, including log in, wallet balance and user experience will remain the same.

The Paytm Payments Bank will add few features on the wallet such as bank account, chequebook and a debit card. You will also earn interest on the money available in your account.

Paytm Payments Bank Limited (PPBL), which is 51% owned by Vijay Shekhar Sharma and 49% ownership is with One97 Communications Ltd, will function as KYC Wallet.

Your money will be absolutely safe in the Paytm Wallet. If your Wallet has been inactive for the last six months and has zero balance, it won’t be transferred to the Paytm Payments Bank Wallet unless you specifically give consent for the same while logging into the app, web or by e-mail.

In case you choose not to continue to enjoy the benefits of your Paytm Wallet, please email us at care@paytm.com or log in to Paytm.com/care to notify your choice of opting out and redeeming your balance by a one time transfer to your own bank account. Do indicate the account holder’s name, account number and the IFSC Code of the Bank where you wish to redeem the money.