Paytm's Payments bank, What will happen to your money?

Business
Jan 17 2017 04:59 PM
Kajol Jain

Paytm has received final approval from Reserve Bank of India to formally launch its payments bank.

It expects to start operations next month. One 97 communications , the parent company of Paytm , is preparing to merge its wallet service with the payments banks.

If you are worried about what would happen to the change if you are a user of paytm, here what you need to know:

#What will happen to the money in Paytm wallets ?
You have nothing to do , the money will be transferred to the Paytm Payments Bank Limited as the wallet, business will become part of the new company. The other banks too have their wallet businesses apart from their usual business.

#Will the Paytm app change?
No

#What will be the change?
The name of company change but it will keep running as it is.

#How it is different from the usual bank?
It can issues cheque books and debit cards but not credit cards. There is a limit on the money, keep in your account.You cannot keep more than Rs 1 lakh in the Paytm payments bank. The purpose is to provide quick and basic banking services to the people at the bottom.

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