Approved: Paytm to launch payments bank

January 04, 2017


Paytm has announced that it has received RBI approval to formally launch the Paytm payments bank. Vijay Shekhar Sharma, the founder of Paytm, announced that he is keen to take the full time executive role in this bank. 

Speaking about it, he said, "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 un-served or underserved Indians. With power of technology and innovation-at-scale, we aim to become a benchmark in world of banking."

Adding to it, Paym also announced the integration of the UPI as a payments channel, which means one could theoretically recharge your Paytm Wallet with the BHIM app. 

However, that money now won't have to be transferred to a bank account - Paytm had earlier announced that it's going to merge its Wallet and Payments Bank, so your wallet balance will automatically become your bank balance.

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