Paytm Payment Bank to be in operation from January 15

Paytm wallet users will be given the option of opening a bank account with Paytm. They will get facilities like debit card and cheque book

GN Bureau | January 11, 2017


#Paytm   #payment banks   #RBI   #digital wallets   #India Post   #cashless  
Paytm Payment Bank to be in operation from January 15
Paytm Payment Bank to be in operation from January 15

If you have a Paytm account and there is money in your wallet, then soon you can get interest on your money. The statement came from the Paytm’s blog post, in which the company announced that it will launch its payment bank on January 15.
 
Paytm wallet users will be given the option of opening a bank account with Paytm payment bank. On doing so, the user will get all the benefits of payment banks like debit card and cheque book.
 
Unlike other commercial banks, payment banks are not allowed to give credit or loans. These banks are, however, allowed to make arrangements with commercial and small finance banks, with prior permission from Reserve Bank of India (RBI). Those having a bank account in a payment bank can keep deposits up to Rs 1 lakh. Account holders in these banks get cheque books, debit card and interest on their deposits.
 
There will be no difference in usage of the Paytm wallet post January 15. All services will continue to be same, the company claims. 
The Paytm payment bank is 51 percent owned by Vijay Shekhar Sharma, India-based entrepreneur and 49 percent by One97Communication Limited, a Delhi-based internet company.
 
The intention behind payment bank is to financially include those with small saving accounts, low-income households, small businesses and unorganised sector.
 
Another payment bank licence holder is India Post. The government-run courier service will reportedly open its first payment bank (India Post Payments Bank) in Jharkhand in January. Last year, prime minister Narendra Modi had announced that all India Post offices should be converted into payment banks by January 2017.
 
RBI gave in-principal licences to 11 entities to launch payment banks, which included department of posts, Paytm, Airtel and Reliance Industries. Out of 11, three companies - Chalomandalam Distribution Services, Sun Pharmaceutical Industries Limited and Tech Mahindra – surrendered their licence.
 
As per RBI norms, “The operations of the [payment] bank should be fully networked and technology driven from the beginning, conforming to generally accepted standards and norms.”
 

Comments

 

Other News

Vice presidential election on August 5

The election of the vice president will take place on August 5, said the Election Commission of India on Thursday.   The term of vice president Hamid Ansari ends on August 11.   "The date of polling will be August 5. Counting will be done on

Why #NotInMyName can’t be in my name

 It was big. It was energetic. It was emotional and soul awakening. It was the need of the hour. Its message was loud and clear. But #NotInMyName cannot be in my name. The #NotInMyName protest is a demonstration that was scheduled in Delhi and in some 21 cities across the country on June 28

Why Gorkhaland is an idea whose time has come

Darjeeling and the neighbouring areas are burning once again after the fire of the demand for Gorkhaland state was ignited by the West Bengal government’s provocative action in trying to impose Bengali language on the Gorkhali speaking majority in the hill districts in the north of the state. Three p

India stares down the dragon

India is increasingly turning to defence diplomacy to gain strategic depth in its neighbourhood and beyond, a move that is expected to checkmate China’s muscular domination. Defence as a tool of diplomacy is helping India to win over friendly countries who are currently witnessing a lot of

Recalling a time when BJP opposed GST

The Bharatiya Janata Party is today going to town over the Goods and Services Tax (GST). But, there was a time in the recent past when the party opposed it tooth and nail, with the Gujarat government, then led by Narendra Modi, describing it as “retrograde in nature and completely against the tenet

No water in a reservoir that supplies Chennai

There is not even a drop of water in Cholavaram reservoir, says an officer from Chennai metropolitan water supply and sewerage board. The Cholavaram reservoir, one of the main water sources to Chennai, currently has zero million cubic feet (mcft) of water, according to data provided by Chennai me





Video

गाय के नाम पर जान लेना बर्दाश्त नहीं - मोदी

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter