Paytm to start India payments bank operations from May 23

Friday, May 19, 2017

After months of delay, Paytm is now all set to commence its payments bank operations from May 23, having received the final approval from the Reserve Bank of India (RBI).

“…Paytm Payments Bank Ltd (PPBL) has received the final license from the RBI and would commence its operations on May 23, 2017,” it said in a public notice.

The company will transfer its wallet business, which has over 218 million mobile wallet users, to the newly incorporated entity — PPBL — under the payments bank license awarded to a resident Indian, Vijay Shekhar Sharma, the founder of One97 Communications that owns Paytm.

Source: Hindustan Times (link opens in a new window)

digital payments, financial inclusion, fintech, mobile finance