One of India’s leading digital mobile wallet provider Paytm is on the verge of launching its Payments Bank service. The company is currently in the process of obtaining the final nod from the Reserve Bank of India (RBI) for its payments bank. As part of the preparation, One97 Communications, the parent company that owns Paytm will merge its wallet business to the newly incorporated Paytm Payments Bank Limited (PPBL) once it get required approvals from RBI.
Last year, RBI had awarded “In-principle Payments Bank license” to founder and CEO of One97 Communications, Vijay Shekhar Sharma and to ten other entities. As per regulatory requirements, Vijay Shekhar Sharma will own the majority share in Paytm Payments Bank Limited.
Here is the excerpt from the Paytm public notice on its Payments bank –
Earlier India’s biggest telecom operator Airtel has launched its own payments bank service called Airtel Payments Bank. The operator merged its wallet service called Airtel Money to its Payments bank. The operator also started offering promotional offers like free talk time for the money deposited on saving accounts.
This post was last modified on February 6, 2018 12:13 pm