Paytm has entered 2017 with a bang. India’s leading mobile payments company has officially received final nod from Reserve Bank of India (RBI) to launch Paytm payments bank.
Paytm is expected to launch payments bank operations in February with the pilot being kickstarted in Noida and Uttar Pradesh. Sharma had received the in-principle approval for the payments bank in August 2015, which came with an 18 month validity of launching the services.
Vijay Shekhar Sharma, founder of One97 Communications, wrote in a blog post.
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 of un-served or underserved Indians. With power of technology and innovation-at-scale, we aim to become a benchmark in world of banking.
Sharma said he would take a full time executive role in the bank. Launched in 2013, Paytm’s wallet has garnered the maximum share of market post demonetization. Last month, Paytm merged its digital wallet business to the newly-incorporated Paytm Payments Bank Limited (PPBL) after receipt of necessary RBI approvals. Just yesterday, Paytm added UPI integration to its digital wallet.