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Paytm CEO Vijay Shekhar Sharma Sells 1 Percent Stake to Raise Funds for Payments Bank

Paytm CEO Vijay Shekhar Sharma Sells 1 Percent Stake to Raise Funds

Paytm CEO and founder Vijay Shekhar Sharma has sold 1 percent of his shares in One97 Communications to its depositors for about Rs 325 crores. The amount elevated will be used for Paytm’s proposed Payment Bank Operations in which Sharma holds 51 percent stake.

Speaking about the development, Paytm representative said, “The process had done for Paytm Payment Bank Investment, and the existing stockholders have bought the shares.”

At the end of this March, Sharma got over 21 percent stake in One97 Communications. Now, from the latest sale, he would bring down his holding to 20 percent. Last year, the Reserve Bank of India (RBI) had awarded ‘in-principal’ approval to One97 Communications founder Sharma for launching a Payments Bank.

Your Amount in Paytm Wallets May Expire soon if you Pass over this Process

Paytm Payments Bank is in the final phase, and it is looking for a green signal from RBI, and it will start its operations after due approvals. However, CEO Vijay Shekhar Sharma grips a majority share in the new payment bank entity, and One97 Communications are holding the rest.

Earlier this week, One97 Communications also simplified its business, merging Paytm’s wallet business with payments bank operation.

China’s leading online shopping portal Alibaba Group and its partner Ant Financial hold over 40 percent in One97 communications. They had propelled in USD 680 million last year into the parent company of Paytm.

How to Transfer Money From Paytm to Any Bank Account

However, the Chinese body won’t have a direct shareholding in the Payments bank. Other investors of One97 Communications include SAIF Partners, Intel Capital, and SAP Ventures.

Your Amount in Paytm Wallets May Expire soon if you Pass over this Process

Your Amount in Paytm Wallets May Expire soon

One97 Communications, the parent company of Paytm, is going to merge its Wallet business with its PayTm payments Bank division soon. The company is waiting for the RBI approval to start its Paytm Payments Banking operations. While the One97 Communications will remain the owner of the e-commerce platform, the ownership of the Paytm Wallet will be transferred to Paytm Payments Bank.

Earlier this year, RBI has granted in-principle payments bank license for CEO Vijay Shekhar Sharma. It is noteworthy to point to declare that PayTM’s bank division’s license is owned by Vijay Shekhar Sharma, but not the remaining 49 percent stakeholders.

PayTM included PayTM E-commerce Pvt. Ltd and PayTM Payments Bank Ltd as different entities in August. Reports suggest that PayTM’s e-commerce portal operates as a base for AliBaba’s operations in India.

How to Transfer Money From Paytm to Any Bank Account

How about PayTm wallets and existing cash?

PayTM Wallets will be a part of PayTM Payments Bank Ltd from now on. PayTM’s public statement declares that PayTM wallet owners can login into PayTM account and transfer their balance to their bank accounts by providing bank details like Account Number and IFSC Code.

PayTm has provided 15-day period to transfer their Wallet balance to their Bank accounts. If in case the balance hasn’t transferred,  it will be moved to a specific account in PayTM Bank. However, PayTm owners will not be allowed to transact until they provide their bank details.

The process is not applicable for PayTM wallet users who are inactive from the past six months with zero balance. They have to login into their PayTM account and need to send an e-mail or in-app option to get integrated with PayTM Payments Bank Ltd.

Paytm’s Point of Sale (PoS): New Feature Included in Recent Update for Merchants

“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 communication from you against the same before December 21, 2016,” reads the Paytm user statement.