Users of Paytm's wallet services, which are currently run by Mobile VAS company One97 Communications, will be shifted to Paytm Payments Bank Ltd, the company has announced via a public notice in the newspapers. After building it from concept to a strong category leader. One97 soon to transfer @Paytm wallet to its new home. #?? pic.twitter.com/p2qUmU8zf5 — Vijay Shekhar (@vijayshekhar) December 5, 2016 According to the notice, the switch from One97 Communications to Paytm Payments Bank will such that the capacity of the KYC Wallet will remain the same. Wallets without KYC (Know Your Customer verification) will have the same limits as before,(currently at Rs 20,000 during the demonetization, other wise Rs 10,000), as Wallets with KYC (Rs 1 lakh). The transfer of account to the Payments Bank will be done without explicit consent of the customer, though they have the right to decline the transfer by December 21, 2016, as per the notice. In that case, they will have the option to transfer the money out of the wallet into their bank account, but what is clear is that if the account isn't transferred to Paytm Payments Bank, customers will not be able to transact with the wallet. This doesn't mean that the Payments Bank has been approved by the RBI yet, only that the business is being transferred to a new entity, which will need approval of the RBI. So far, Airtel is the only entity to commence payments bank operations. Airtel got its payments bank license from the RBI in…
