Paytm has launched the Paytm Payments Bank[1] in India, announcing the new unit via a public notice in newspapers and a blog post[2]. Renu Satti has been appointed the CEO of the new entity, and also sits on the payments bank's board; Paytm CEO Vijay Shekhar Sharma is the non-executive chairman. With the Paytm Payments Bank finally operational, there are a few changes consumers would be introduced to, primarily the wallets business being transferred to the newly-incorporated entity Paytm Payments Bank Ltd[3] (PPBL).
There seems to be some confusion around the Paytm payments bank, how it differs from the Paytm Wallet account, and what happens to the money in users' wallets. Here's everything you need to know about the new Paytm bank, how to open an account, and what you get by signing up.
All Paytm wallet accounts will automatically be migrated to the new Paytm Payments Bank. If you don't want to continue with the bank, you have to opt out by emailing
Your account will remain a wallet account with PPBL, not a bank account. Accounts that have been inactive for six months, and have zero balance, will not be transferred to PPBL without opting-in. In addition to the wallet account, you will also be able to open a Paytm payments bank savings or current account. Although both will have the same login, you will need to open a bank account separately.
How to open Paytm Payments Bank account?
Opening a Paytm Payments Bank account is an option only for Paytm employees and associates as it is being rolled out as...