PayTM, India's largest mobile wallet operator has now got approval from Reserve Bank of India [RBI] has given final approved nod to the company. So here is what you should know about PayTM Payments Bank, how to send money through PayTM Bank, withdraw limits and every other details.
PayTM Payments Bank
Alongside with PayTM there were 10 other contenders who were subjected to begin bank-like deposits/withdrawals last year during the time of Diwali but Government of India was prepared for Demonetization, so the plan now comes into frame.
Vijay Shekhar Sharma, the founder of One97 Communications which runs PayTM confirmed this news through a blog post. He holds 51 percent stakes in the payments banks while the rest of 49 per cent is held by One97 Communications, a company in which Alibaba Group [China] holds 40 per cent of stakes.
He said that its immense pleasure to get this nod from RBI and it will go into effect from February 2017.
The first pilot project launched is expected at Noida, Uttar Pradesh and Sharma affirmed that they are focused on bringing new business model the in banking industry to bring financial services to millions of people in India.
How it Works?
The PayTM wallet business is now transferred to Paytm Payments Bank. Still, the structure of PayTM payments isn;t known but it will more often work like BHIM app as they introduced supported for payments using Unified Payments Interface [UPI].
Stay tuned for more information coming up soon.