One97 Communications, the parent company of digital payments company Paytm, issued a public notice that it would be transferring its wallet business, to the Payment Bank entity.
Vijay Shekhar Sharma, who holds 51-percent stake in the joint entity. The entity now is in process of obtaining the final license from RBI to start operations.
It was reported that Sharma had made an Rs 112-crore investment for his majority stake in the payment bank.
What does this mean for us?
As a part of the merger, a customer’s Paytm wallet will now move to the Paytm Payments Bank Ltd., in the same capacity.
So if Paytm doesn’t receive any communication from the user before December 21, 2016, each user will have a bank account with Paytm.
For customers having a KYC wallet (store up and transaction limit of Rs 1 lakh), it will get transferred as a KYC wallet, and for customers who have a minimum detail KYC wallet (one with only your phone number registered), it will get transferred as a minimum detail KYC wallet.
Further, in the public notice, Paytm also gave the option to customers to enroll out if they wish to by mailing at email@example.com or logging into paytm.com/care and redeeming balances by a one-time bank transfer by specifying the bank details.
If failing to give bank details, the customer wouldn’t be able to transact with the wallet until they submit their bank details.
The above changes and transfers aren’t applicable for individuals whose wallets have been inactive for the last six months and show a zero balance.
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