The Reserve Bank of India on January 3, 2017 gave its final approval for Paytm Payment Bank to commence operations.
As news of this emerged, several posts on social media created panic amongst Paytm users, saying they will not be able to use their Paytm wallet or they would lose their money once the payment bank begins to function.
Paytm rubbished these rumours saying the “Paytm Wallet will be transferred to the Paytm Payments Bank Limited as it is.”
In a post on its blog, Paytm said, “If you have any balance in your current Paytm Wallet, it will reflect in your new Paytm Payments Bank Wallet. If your Wallet has been inactive for the last six months and has zero balance, it won’t be transferred to the Paytm Payments Bank Wallet unless you specifically give consent for the same while logging into the app, web or by e-mail,”
