- Category: General
- #24867The PayTM Payment Bank has been approved by the Reserve Bank of India over the last couple of days. It is indeed a great news for the digitalisation drive being launched by the Government of India. The bank is likely to go operational within the next one or two months.
PayTM has seemingly chosen Uttar Pradesh as the launch vehicle for the upcoming Payments Bank. The Alibaba backed payment service provider and popular E Wallet company will come up with pilot projects in different parts of the state.
PayTM has set a target of 200 million accounts in a span of the next one year. This includes savings and current accounts along with the already popular mobile wallets. They have aimed to connect the unserved community to the banking services. The plan is to have almost half billion account holders by the next four years.
Live....and Let Live!
- #24868Before this launch, Paytm already postponed this Payment banks nearly 6 times in 2016. Finally RBI agreed the move taken by the Paytm. The initial capital for this payment banks are around Rs. 400 crores in India. As far as concern the payment bank launching up not only in Utter Pradesh but also in Noida. He also states that the first branch in Northwest would be held in Guwahati as per the reports declared. It must be quite good move by the Paytm.