PayTM gets permission from RBI to launch its payments bank

�At Paytm Payments Bank, our aim is to build a new business model in banking industry, focussed on bringing financial services to 100�s of millions of unserved or underserved Indians,� Vijay Shekhar Sharma, the founder and CEO of Paytm, wrote in a blog post

PayTM gets permission from RBI to launch its payments bank

PayTM, India’s largest wallet service has got the permission from Reserve Bank of India to launch the Paytm Payments Bank, Indian Express reported.

In December, Paytm said it will transfer its wallet business to the newly-incorporated Paytm Payments Bank Limited (PPBL) after receipt of necessary RBI approvals. The company had incorporated a new company called Paytm E-commerce Pvt Ltd for its marketplace business in August, 2016.


“At Paytm Payments Bank, our aim is to build a new business model in banking industry, focussed on bringing financial services to 100’s of millions of unserved or underserved Indians,” Vijay Shekhar Sharma, the founder and CEO of Paytm, wrote in a blog post. “With power of technology and innovation-at-scale, we aim to become a benchmark in world of banking,” he continued.

“At Paytm Payments Bank, our aim is to build a new business model in banking industry, focused on bringing financial services to 100’s of millions on un-served or underserved Indians. With power of technology and innovation-at-scale, we aim to become a benchmark in world of banking,” Sharma wrote in the blog.

Once operational, the Paytm Payments Bank will be able to issue debit cards to users. It will be able to allow account holders to transact through NEFTs, RTGS and UPI.