Paytm will commence operations of its payment bank on May 23 as per a tweet by Paytm CEO Vijay Shekhar Sharma. Paytm got the licence to operate as a payments bank in January this year from the Reserve Bank of India. The licensee of the payments bank is Sharma. Along with the tweet, the Sharma posted a public notice by Paytm on the transfer of wallet business to the Paytm Payments Bank Limited. The notice said that the company will transfer customers current wallet to the Paytm Payments Bank limited in the same capacity, if there was no communication from the customers by May 23. Do read: Paytm's journey to a payments bank, 7.5 years after launch Note that in December, Paytm had announced that it would be shifting its wallet customers to the payments bank. The company had then said that customers had the option to decline the transfer by December 21, 2016. The customers who do not wish to transfer their wallet to the bank can do so by notifying the company through an email or logging on the portal. Customers can redeem their balance with a one-time transfer to their own bank accounts. https://twitter.com/vijayshekhar/status/864670578103377920 Sharma will own 51% in Paytm Payments Bank, while One97 will hold the rest. According to RBI guidelines, promoters of the payments bank should hold at least 40% of its paid-up equity capital for the first five years of its operations. Meanwhile, foreign shareholding in the payments bank would be as per the FDI policy for private sector…
