Paytm Payments Bank announced it will start operations on 23 May. The bank said it has received the final license from the Reserve Bank of India. One97 Communications, which owns Paytm, said it will now transfer its wallet business to the payments bank. Paytm has over 218 million mobile wallet users. The company said after 23 May in case consumers do not wish to have the wallet with the bank, they have to inform Paytm, which will in turn transfer the wallet balance to the consumer’s bank account once such details are shared. In case the wallet has been inactive with no activity in the last six months, the transfer to payments bank will only happen once the consumer gives specific consent. Paytm was earlier slated to begin operations around Diwali in 2016.
