Paytm Payments Bank formally launched; heres what you can expect
It was a formal launch for the Paytm Payments Bank at the hands of CEO Vijay Shekhar Sharma.
The service was available to consumers with the latest update to the Paytm app.
The offline services of the Paytm Payments Bank have also started with this formal announcement, complementing the online service.
The event was attended by Finance Minister Arun Jaitley, and saw the company’s chief executive and founder outline how the bank will grow, and shared some details about the progress made so far.
To recall, the Paytm bank officially opened its services in May this year.
From a customer’s perspective, the Paytm wallet and the Paytm Payments Bank are two separate entities, though both are owned by the same corporate entity. Wallets will continue to operate, but if you already have the mobile app to manage your wallet, you can use the same to manage your bank account as well, if you choose to open one.
The wallet operates separately from the bank account, they are not linked, so you can continue to use the wallet without any change, even if you create a bank account.>