Paytm Payments Bank

Sushubh

Sushubh

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Know All About #ProjectPokhran

The financial market is going to be taken by storm soon. Internally codenamed ‘Project Pokhran’, Paytm Payments Bank launches soon.

Hiring is full steam ahead for the Payments Bank team which currently comprises 20-25 people. Consulting majors like EY, McKinsey & Co are assisting us in the roll out.

With Paytm Payments Bank, we are well on our way to becoming a unique Indian brand, this will be a massive leap in the direction of becoming India’s largest internet conglomerate.

That day is not far, when our users can sort out their mutual funds & insurance related problem with Paytm.
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I am not sure what limitations they have but at least they have got the internet part sorted out. Most banks have shitty online panels which are painful to deal with.
 
Know everything about Paytm’s ‘Project Pokhran’

Market leader in the mobile payment sector, Paytm will launch the next big thing in the financial markets soon and work is on at breakneck speed. 'Project Pokhran', the internal code name for the Payment Bank project is nearly complete. With a team of 20-25 people at present, key positions are also being filled at a fast pace with the appointments of ITC executive Varun Khullar and Amazon India's Vikas Purohit as heads of partnerships for its Payments bank. The company aims to recruit 3,000 people for the business and has also enlisted the services of management consulting majors, Ernst & Young and McKinsey & Co to help in the rollout. The Payments bank that will most likely be called, Paytm Payments Bank, will be launched by the end of 2016.

"Payment is one event of a consumer relationship and we can grow this through the deposits," said Vijay Shekhar Sharma, founder of Paytm.

He added that for the initial capitalisation, as per the regulations set by the RBI, Rs.150 cr is required, which they have on the deck already. So the money is in place too.
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Source


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I would withdraw money. I am happy with 2-3 banks I have

Dont want one more bank account

Bye bye Paytm!!
 
I fail to understand how Alibaba is allowing this?

One97 Communications प्राइवेट लिमिटेड , रिज़र्व बैंक से मंजूरी मिलने पर अपने वालेट व्यवसाय को नव निगमित पेटीएम पेमेंट बैंक लिमिटेड (PPBL) को हस्तांतरित कर देगी / करने के लिए प्रतिबद्ध है।
...
पेटीएम पेमेंट बैंक लिमिटेड (PPBL) में पेटीएम के संस्थापक विजय शेखर शर्मा की 51 % भागीदारी है तथा बाकी 49 % One97 Communications लिमिटेड के पास है। इस भागेदारी ढांचे में यह प्रत्यक्ष तौर पे जाहिर है की पेटीएम पेमेंट बैंक सही मायने में भारतीयों के द्वारा , भारतीयों के लिये बनाई गयी एक भारतिय कंपनी है।
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Alibaba owns 40% in One97 (Paytm) and Vijay owns about 21%

Vijay owns 51% in paytm bank and one97 owns 49% in paytm bank

But if Paytm wallet (which is heart of Paytm) goes to Paytm bank then ...

Alibaba's effective holding in paytm would become about 20% (40% of 49% of paytm/one97)

Vijay wud hold 60% (51% own direct holding in paytm bank + 20% of 49% of paytm = 9%)

Effectively
So Vijays hold in paytm wallet rises from 21% to 60%
And Alibaba's goes down from 40% to 20%

Wonder how Alibaba is allowing this.
 
Dear Customer,

I am Rajeev and I will be assisting you with your query today. Payments Bank is a new type of bank licence given by the Reserve Bank of India. As a Payments Bank, Paytm can now accept customer deposits up to Rs. 1 lakh per customer in a wallet, savings or current account and additionally offer:
1. Interest on the money deposited in the savings account
2. A free virtual debit card
3. Internet and mobile banking services.

It also enables access to a range of financial services such as Fixed deposits, Insurance, Loans, Mutual Funds through our associations with other banks coupled with a seamless Paytm experience.
Please note that movement of Paytm wallet to Paytm Payments Bank is a regulatory requirement as defined by RBI. This transition will simply help us expand the range of services we offer to you. You will continue enjoying all the benefits of the wallet even after the bank launches. In case you still wish to close your Paytm wallet, you can revert on this email with your registered mobile number so we can initiate your request. Please note that you will be unable to use services on Paytm app without having an account with us. We urge you to consider letting your account move to Paytm Payments Bank in order to enjoy existent and wide array of additional services now available with your Paytm account. We request you to share your paytm registered mobile number to proceed with this request. Our representative will shortly get in touch with you to help you with the request and discuss the benefits of moving to a Paytm Payments Bank.

We assure you the best of our service.
Sincerely,
Paytm Care
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The FAQs posted earlier indicated that the wallet component would co-exist with Payment Bank. But this mail tells me that Wallet would not exist after Bank is launched. This company is being very cryptic with the entire migration process. I might need to shut down my account and wait for their payment bank to launch to see what exactly they have to offer once it is launched.
 
Why not simply let it migrate? Any minimum balance requirement? Any other obvious red flags - keeping the cryptic writing as a red flag aside?

I think only KYC wallets are getting this email - They are forcing them to become account holders. I guess they cant do that to non-KYC wallet holders like me.
 

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