Paytm Payment Bank Transaction List
Breaking News for all paytm users, Now the parent company of PAYTM.COM One97 Communications Limited owner Mr. Vijay Shekhar Sharma Got the Licence for the Paytm Payments Bank Ltd. from RBI. Here we will discuss What is a Payment Bank ? and How it is different from Conventional and also the List of Transactions you can make if you have a account with Paytm Payment Bank. After a few formalities left, Paytm bank will be functional and all paytm users who operate their paytm wallet for the cashless transactions can get their wallet converted into Paytm bank account after successful KYC (Know Your Customer) formalities. Now if you don’t want to convert your wallet into Bank Account of Paytm Payment bank limited, You have to inform this to Paytm before 21 december 2016. Please read below to understand the concept of payment banking and how it is different from retail banking.
What Is a Payment Bank ?
It is a new form of Bank which is used by the customers mainly through their mobile phones rather than going to actual traditional Bank branches. This type of Banking model has been conceptualized by RBI (Reserve Bank of India) and it in principle approved 11 such entities in INDIA to became the payment banks in March 2016 which includes Vijay Shekhar Sharma (PAYTM), Reliance Industries, Aditya Birla Nuvo and Tech Mahindra, as also Airtel and Vodafone.
Transactions List with Paytm Bank/ Payment Bank Transaction
- Paytm Bank can’t offer loans but can raise deposits of upto Rs. 1 lakh Per account, and pay interest on this amount just like saving bank account.
- Paytm bank account Holder can transfers and remittances through a mobile phone.
- Paytm bank account Holder can ejoy services like automatic payments of bills, and purchases in cashless, cheque less transactions Using mobile Phone.
- Account Holders will have debit cards and ATM cards issued by paytm bank usable on ATM of all banks.
- Paytm Bank account Holders can transfer money directly to bank accounts.
- Account Holders can be provided with forex cards for travelling, usable again as a debit or ATM card all over India.
- Account Holders can enjoy forex services at charges lower than banks.
- Paytm bank account holders will also enjoy card acceptance mechanisms to third parties such as the ‘Apple Pay.’
It should be noted that Paytm being converting into Payment Bank news came long before but after that a long duration has already been passed and after Currency ban/ Demonetization of 500 and 1000 old notes, As most people say, Paytm became very popular because of its easy approach to every small to large vendors for cashless transactions to and from their Paytm wallet. Also as per speculations, the minimum deposit in paytm bank account shall be 500 rs.