Paytm’s founder Vijay Shekhar Sharma declared that “recently Reserve Bank of India gave permission to formally launch Paytm Payments Bank. We can’t wait to bring it in front of you. This is our chance to build something that every Indian can be proud of. However he did not mention the exact date of the launch of its payment bank.
Paytm has become the category leader and changed the way India pays with new Paytm Security featured application. From villages to cities from corner vegetable stalls to milk booths, small shops to large retailers everyone involved the new way to pay by Paytm. Now we are embarking on a new and even more exciting journey.
At Paytm Payments Bank our aim is to build a new business model in banking focussed on getting 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.
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Paytm announced the integration of the UPI as a payments channel to recharge its wallet balance. This means that you could theoretically recharge your Paytm Wallet with the BHIM app. Of course 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.
Payments banks can accept deposits restricted to Rs. 1 lakh per customer and are allowed to pay customers interest on the money that is being deposited. Airtel is offering 7.25 percent per annum interest to customers through its payments bank.
Paytm Payments Bank has set itself the 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 is now expecting to finally roll out the payments bank within the next 30-60 days.
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