India’s leading digital wallet player Paytm becomes Paytm Payment Bank. Paytm is the consumer brand of mobile internet company One97 Communications. From 23 May 2017, it will start working as Payment bank. The money from your Paytm wallet will be automatically transferred to the Paytm Payments Bank Ltd. If you don’t want to become part of payment bank, you can send request to paytm.
What is Payment Bank:-
Payment bank is just like normal bank, where Banks can accept public deposits. Users can open current and saving current. Maximum balance in these account should not greater than 1 lakh. Banks pay interest to account holders. Banks can issue debit card, ATM cards, net-banking and mobile-banking etc. but cannot issue loans and credit cards