Indian e-commerce website Paytm has issued a public notice to its customer which thanks them for showing confidence & trust in Paytm Wallet owned by One97 Communcations Limited. Paytm Payments Bank Limited (PPBL) is 51% owned by Paytm founder Vijay Shekhar Sharma & 49% ownership is with One97 Communications Ltd.
The notice further reads –
“We are pleased to inform you that as per the directions of RBI, the company will be transferring its Wallet business after receipt of necessary approval to the newly incorporated Payments Bank entity, Paytm Payments Bank Limited, under a Payments Bank license awarded to a resident Indian, Vijay Shekhar Sharma.
It is our pleasure to inform you that Paytm Payments Bank Limited has received the final license from Reserve Bank of India and would commence its operations shortly.
Your current Paytm Wallet will now move to the Paytm Payments Bank Limited in the same capacity i.e. KYC Wallet as KYC Wallet and minimum detail KYC Wallet as minimum detail KYC Wallet, if we do not receive any communicaton from you against the same before January 15, 2017.
If you choose not to continue to enjoy the benefits of your Paytm Wallet, please email us at email@example.com or login to Paytm.com/care to notify your choice of opting out and redeeming your balance by one time transfer to your own bank account. Please indicate the Account Holder Name, Account Number and the IFSC Code of the bank where you wish to redeem the balance within 15 days of notifying your choice. If you fail to do so, your Wallet money will be kept in a specially designated account with Paytm Payments Bank Limited but you will not be able to transact with that Wallet money till your submit bank details and transfer it to your own bank account.
If you Wallet has been inactive for last six months and has zero balance, it will not get transferred to the Paytm Payments Bank Limited unless you give specific consent for the same. You may provide your consent by logging into your account in the App o on the web or by emailing your consent to firstname.lastname@example.org.
Please feel free to write to us for any grievances or queries at the following email address: email@example.com.”