Concerns about Paytm wallet balances are growing all over India as rumours are spread through social media. So Paytm decided to address its users' concerns and clear doubts. All existing Paytm wallets are issued by One97 Communications Limited.
Vijay Shekhar Sharma, founder of Paytm, is forming Paytm Payments Bank Limited (PPBL) keeping 51% stake with him and 49% under One97 Communications Ltd. All existing Paytm wallets will be moved to Paytm Payments Bank Limited automatically after January 15, 2017 if user is active for last 6 months without any effort. There is no change in the way you login to Paytm account or do transactions using your Paytm wallet.
KYC Wallet and Minimum KYC Wallet will continue as it is. Customer can even opt out of this transition for his account if he informs Paytm customer care giving bank account details to redeem all his money in the wallet. This transfer of money from the wallet to PPBL is absolutely free. Customer will be given an option to open bank account in the newly formed Payments Bank. Paytm is strongly wishing to change the way customers got accustomed to traditional banking system and procedures.
Let this be another wave of digital transformation as India is moving towards cashless economy.
Full details can be found at Paytm.