Paytm has launched the Paytm Payments Bank in India, announcing the new unit via a public notice in newspapers and a blog post. Renu Satti has been appointed the CEO of the new entity, and also sits on the payments bank’s board; Paytm CEO Vijay Shekhar Sharma is the non-executive chairman. With the Paytm Payments Bank finally operational, there are a few changes consumers would be introduced to, primarily the wallets business being transferred to the newly-incorporated entity Paytm Payments Bank Ltd (PPBL).
There seems to be some confusion around the Paytm payments bank, how it differs from the Paytm Wallet account, and what happens to the money in users’ wallets. Here’s everything you need to know about the new Paytm bank, how to open an account, and what you get by signing up.