Going by the text of the SMS sent, I don't think PayTM intends to allow anyone to opt out of Payments Bank.
Who sends a SMS like that, not even a class 5th kid of today's world would do, I believe.
Also, if the wallet is continued as a separate entity, then it would defeat the entire purpose of having a Payments Bank. Due to inertia, people would continue using wallet, who would use their banking services?
Also, they would not have taken so much effort to procure a license , if the plan was to get new users all together for it. Does not make any sense at all.
I believe no one would be allowed to opt out, the SMS is a farce!