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Paytm Payments Bank got Final Nod From RBI: Operations will start From February

Paytm Payments Bank got final approval from RBI. This is a big news for the company. They are formally going to launch its payments bank and start its operations in the next month.

Vijay Shekhar Sharma, the founder of Paytm and One 97, said “Today, Reserve Bank of India gave permission to launch Paytm Payments Bank formally. We can’t wait to bring it in front of you.”

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

He also said exactly three years ago in 2014 paytm has launched as the mobile wallet, now it became the category leader and changed the way India pays.

To everywhere this paytm is spreaded, from villages to cities, from corner vegetable stalls to milk booths, small shops to large retailers, everyone accepted the new way to pay by Paytm.

He also said paytm payments bank aim is to build a new business model in the banking industry which is focused on bringing financial services to millions of Indians.

Mostly in February they will start operations. In 2015, RBI had given ‘in-principle’ approval to Vijay Shekhar Sharma, to set up a Payments Bank along with 10 others.

At present Airtel is the only company to start its payments bank. Aditya Birla Idea Payments bank will start their operations in the first half of 2017.

Paytm digital wallet is also one of the parts of paytm payments bank. Mr. Sharma will hold 51% and One 97 communication will hold 49%

How to Transfer Money From Paytm to Any Bank Account

This payment bank sets a target to reach 200 million accounts within one year from the launch. By 2020 their aim is to touch the half a billion accounts. At present, paytm have 150 electronic accounts.

In this bank, they will sell products, loans, wealth management and insurance to drive revenues. These payment banks do not lend themselves directly, and they can do banking on cross-selling bank products through partnerships.

PayPal claims Paytm New Logo Looks Similar to their Symbol

The famous online payments system PayPal has filed a case against the leading e-commerce website Paytm. It claimed that Paytm’s new logo looked similar to their design and stopped the registration of the Paytm new design in a notice with the local trademark office.

After reviewing the notice, the trademark office people says that PayPal has pointed out that Paytm’s logo seems like their current logo and is dishonestly and surprisingly similar to PayPal with the same color pattern.

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

The notice sent by PayPal also stated that “The starting letters in each design grades in dark blue color and the second part is in light blue color. Moreover, both names begin with pay which clients have a have a habit of to remember more than the second part of the logo. Not only this, both names are of the same length. These matches caused to confusion among the customers, especially considering the reputation of the PayPal former design,”

Both the representatives of PayPal and Paytm not yet made any comments on the issue and let’s wait and see and how they resolve the problem.

How to Transfer Money From Paytm to Any Bank Account

Speaking about this, Rahul Dev, a Tech Corporate Lawyer, submitted a post on LinkedIn. He said, “As per logo registration process in India, a company must advertise its logo, and if any other can raise issues or complaints, then they have to wait for four months.”

Paytm had promoted its design on July 18th of this year, which means PayPal complaint had filed on the last day of the legislative four-month period. As we know, Paytm is a fastest growing online retailer in India, and it has played a key role in the Government of India made a decision of banning Rs 500 and Rs 1000 notes. Paytm allows digital transactions through their wallets and this it has registered more than five million new users.

The industry trusts this to be a planned attack from the popular online payments system which is looking to reduce the fame of Paytm which has gained since the Demonetisation.

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

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

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.

How to Transfer Money From Paytm to Any Bank Account

After the demonetization drive, Paytm has become the major platform for many transactions in India. The company has further added thousands of merchants within few days of the announcement by Prime Minister Narendra Modi. The scrapping of Rs. 500 and Rs. 1000 currency notes have made a significant impact in people choosing the cashless payment platform. Paytm has done it brilliant sprawling over thousands of merchants right from vegetable vendors to grocery stores.

But the confusion persists about how merchant receives a payment after the customer makes a payment via Paytm. How can dealers transfer money from their Paytm Wallet to their bank accounts? Here we provide you the simple process to transfer money to your bank accounts from Paytm Wallets.

You need to have the name, account number, and IFSC code of the bank account holder to transfer money from your Paytm wallet. However, there is a limit on transaction up to Rs. 20000. Merchants can avail transaction benefits up to Rs 50000 if the KYC process is done.

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

If a transaction beyond the limit is needed, you need to get in touch with Paytm to get your KYC done. The process is quite simple, and you can get it done by getting into the Paytm KYC center near you.

First provide the relevant RBI-approved documents (passport, Aadhar card, driving license, voter ID card or NREGA job Card.) you can also request a visit at your address by typing in your Aadhaar number. PAN card number is not necessary, but it becomes mandatory while transferring more than Rs. 50000 in a single transaction. Once after KYC is done, you can conduct unlimited transfers.

“Our process can take up to 48 hours, but you can shorten it by providing Aadhar card as proof of identity as the biometric verification results in instant completion of the process,” says Paytm.

How to transfer money from Paytm to any bank account using Paytm app:

  • Open the Paytm app on your smartphone and tap the Passbook icon
  • Here, select the Send Money to Bank option
  • Tap on Transfer
  • Enter the amount, account holder’s name, bank account number, and IFSC Code
  • Hit the Send button

How to transfer money from Paytm Wallet to bank account using Paytm desktop website

  • Open Paytm.com website and log in to your account
  • Move the cursor over your name at the top-right of the screen and click on Paytm Wallet
  • In this window, select the Transfer to Bank option and type in the requisite details
  • Hit the Send Money button

Users new to Paytm without KYC have to wait for three days to get money transferred from their Paytm Wallet to the bank account. Users who are done with KYC process can avail the bank transfers immediately.

No charges will be applied for transferring money from Paytm Wallet to bank account till December 31. However, this benefit is only available for merchants who have done KYC. 1 percent of the transfer will charge from the other customers and merchants who have not completed the KYC process.

Transfer Money to Bank Accounts Made Easy by Paytm at 1% fee charges

All the Paytm users can transfer up to a maximum of Rs. 5000 at a time and 25000 per month the limit. You can transfer up to Rs. 50000 If you are a merchant. The limit for the customers who have done KYC is raised up to 1 lakh.

If you are a merchant, you can transfer up to Rs. 50000, with the limit going up to Rs. 1 lakh if you are a user who’s done his or her KYC.