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Fri, Jan 18, 2019 | Last Updated 12:16 am IST

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Paytm resumes its KYC process effective from December 31

Paytm resumes its KYC process effective from December 31
Paytm resumes its KYC process effective from December 31

Accordingly the Reserve Bank of India has since lifted the restriction it had imposed on Paytm Payments Bank. Recently Paytm has now announced that it will resume its KYC process effective December 31. Meanwhile it may be recalled that the RBI had stepped in when Paytm Payments Bank started opening accounts for their customers after obtaining the license for operating a payments bank.

Furthermore at that time, the regulator found that the organization had been in violation of certain norms imposed under the licensing terms of the payments bank. Apparently Paytm was converting its customers in the Paytm wallet into the bank account holders and these customers were being offered a few privileges to make purchases on its ecommerce platform Paytm Mall.

Paytm resumes its KYC process effective from December 31

Moreover Paytm has already managed to open 42 million accounts and plans to take it past 100 million by the end of the year 2019. Reports added the company had been running its digital Paytm wallet for some time before it launched the Payments bank and then converted the wallet account holders into the bank’s customers. Hence it reflects in the financial figures of the bank as well. Of the Rs 144 crore deposits in its books, a large portion has come from the wallet.

Paytm resumes its KYC process effective from December 31
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