Earlier, Paytm the online payments company had announced that it will not charge bank transfer rates till January 2017. The charge rates were basically kept at 0 percent.
Following the expiry of the aforementioned condition, Paytm will now charge users two percent fee for transferring money from their wallet to their banks. The fee has already come into effect from February 2.
However, we are expecting some good news from the company. Recently, Paytm got the approval for its Payments Bank from RBI and this means that the company could move its wallet platform to the new Payments Bank.
Subsequently, Paytm has affirmed that with the launch of Paytm Payments Bank, it will allow users to transfer money from their Paytm Wallets to the Payments Bank at 0 percent at all times. On the other hand, customers will be getting an option to choose whether they want to use the Payments Bank or not by getting in touch of the Paytm customer care.
We might see Paytm launch the Payments Bank this month and it has been said that the company will launch its services first in Uttar Pradesh and then expand operations to the Northeast.