Paytm Gets final approval from RBI to Start Operating as Payment Bank
Posted on:05 Jan 2017 09:37:50
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05 January 2017 Current Affairs: Mobile commerce and payments company, Paytm received the final approval from the Reserve Bank of India on January 3, 2017 to launch Paytm Payment Bank.
Paytm Payments Bank Ltd is expected to start its operation in next 30-60days with its first branch in Noida, Uttar Pradesh.
Paytm Payments Bank is held 51% by Sharma and 49% by One97 Communications Pvt. Ltd. It has already received investments of Rs 220 crore from One97 Communication and its Vijay Shekhar Sharma.
Paytm Payments Bank aims to build a new business model in banking, focused on bringing financial services to hundreds of millions of unserved or underserved Indians.
Paytm Payments Bank has set a target of 200 million accounts, across current and savings accounts, and mobile wallets, within 12 months of the launch. It aims to touch half a billion accounts by 2020. Paytm already has close to 150 million electronic wallets.
Paytm’s digital wallet will now be part of Paytm Payments Bank Ltd in keeping with the directions of RBI. The bank will sell products such as loans, wealth management and insurance to drive revenues.
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