RBI’s final approval of Paytm Payments Bank
With the Indian society turning cashless day after day post the announcement of demonetisation; well, in such times, Paytm has announced that it has ultimately received the final approval from the Reserve Bank of India so that it can launch the payments bank of Paytm officially.
Moreover, the operations of Paytm’s payments bank is expected to be started by the end of next month. The best part of this announcement is that with payments banks by your side, these banks would be in a position to accept the deposits not only from the individuals but also the small businesses apart from Rs. 1 lakh per account being the limit.
Mr. Vijay Shekhar Sharma, founder of One97 Communications clearly stated in his blog – post that the Reserve Bank of India has given permission in order to launch the Paytm Payments Bank officially.
What is Paytm Payments Bank?
Paytm’s Payments Bank is aimed at building new business model in the banking industry besides being able to provide finance assistance or services to a number of people across the nation. As per the spokesperson of Paytm, this Payments Bank of Paytm is expected to be launched in the month of February, 2017 whereas the 1st branch of Paytm Payments Bank is stated to be in Noida, Uttar Pradesh.
Add money to your wallets with UPI states Paytm
In another turn of events, Paytm, a mobile payment & the commerce firm had announced on the 3rd of January, 2017 that payments through UPI or the Unified Payments Interface feature has been added as this would be an added advantage to the customers when it comes to transferring money to a customer’s Paytm Wallets.
What is the meaning of UPI?
UPI in fact is the abbreviation of the Unified Payments Interface & it is stated to be the system where a number of banks (only participating banks) merge banking features under one roof.
How to add money to Paytm wallets through UPI?
Adding or transferring money to the Paytm wallets has become a child’s play as you would be required to follow a few steps. However, for the above process to work, you should have the UPI / Unified Payments Interface ID. The next step would be to enter this UPI ID on payment page & once this is done, you can check a collect – money request message sent to their smartphone which has UPI – enabled apps.
An individual would then be required to accept this payment request & later enter their 4 or the 6 – digit PIN for the UPI transactions to take place. And when the above stated steps are done, the transaction is stated to be completed. Furthermore, Nitin Misra, the Vice President of Paytm has stated that with this UPI feature coming in to place, it would lay the solid foundation for the Paytm’s Payments Bank.