Paytm payment bank accounts in India with Aadhaar Based KYC wallets

Paytm is now one of the most popular wallet in India with great cash back offers. After demonetization of Indian currency notes and withdrawal limits on bank accounts Paytm wallet transactions became even more popular. Now on 5-12-2016, MCommerce company One97 Communications which owns Paytm wallets have announced decision to convert it into a Paytm payment banks. Mobile commerce company One97 Communications will get separated into E Commerce company and payment bank.

So what is actually Paytm Payment Bank and how to merge or cancel accounts from it. Most people had been satisfied with Paytm service. What is your opinion in getting a bank account with payment’s bank started by Paytm. Airtel has also started an Airtel payments bank, in which mobile number can be used as a bank account number. In similar way mobile number or name used to register Paytm wallet account will get transferred into a bank account with Paytm Payments bank Ltd. In most news papers in India, One97 Communications has given an advertisement informing about starting of Paytm payment bank in India. With demonetisation there is a call for currencyless – cashless transactions in India and this is right time to launch a Payment bank by Paytm.

As per this notice all existing Paytm wallet users are asked to take action before 21 December 2016, regarding whether to continue as a Payments bank account holder or cancel existing Paytm wallet account. If you do not make any changes before 21-12-2016, your Paytm wallet will be automatically get transferred to a bank account with Paytm’s new payment bank. In this new bank accounts will be classified as KYC compliant wallet and Non – KYC wallet.

Those users who have submitted their KYC (know Your Customer) details for using Paytm wallet can continue to enjoy more benefits with Paytm KYC Account. Those customers who have only given mobile number, email address of name for registering a paytm wallet, will get minimum detail KYC wallet bank account.

KYC Wallet customers can accept or do payments up to Rs.1,00,000 (1 lakh), while Non KYC customers can only make transactions up to Rs.10,000.

Through public notice given by One97 Communications company, it has clearly stated that a payment bank under name of Paytm is coming.All customers who are interested in continuing with Paytm wallet can submit their KYC (know your customer) details. Those peole who are not interested in getting a Paytm wallet bank account in this payment bank can inform it to customer care of Paytm.

Customer care email address is care@paytm.com and requests for removal can also be made online by submitting details at https://paytm.com/care

For those Paytm accounts that have been inactive for past 6 months and have zero balance no such transfer will be done.  One97 Communications company will have 49 percentage of shares while Vijay Shekhar Sharma will hold to 51% of n Paytm Payment Bank Limited.  Reserve Bank of India licensee for starting a payments bank was received in August 2015.

Paytm payment bank notice to merge, opt out or cancel account

Decision to continue with Paytm when it starts a Payment bank is left to customers by One97 Communications Ltd.

Aadhaar Based E-KYC for bank account with Payments bank of Paytm

Aadhar number is now compulsory on all financial transactions and this is same case for starting E-KYC compliant account with Paytm bank. Electronic Know Your Customer (E-KYC) details have to be submitted by customers to make this account have all privileges and high transaction limits.

Through Paytm bank deposits up to Rs.1 lakhs can be accepted from each user. Also savings, current accounts .etc. can be started through this payments bank from Paytm.

Paytm received a license from the Reserve Bank of India (RBI) to set up a payments bank along with 10 other companies in August 2015.

eKYC is a easy procedure to do instant verification of customer’s details using biometric scan of fingerprint or other details. This can be done by customers by scheduling a visit of Paytm agent at their office or house or going to nearest Paytm centre.

Last date for opting out of Paytm wallet bank account is 21 December 2016 (21-12-16).