Paytm Payments Bank gets final RBI approval

Paytm Payments Bank on Tuesday received the final approval from the Reserve Bank of India to commence operations. “Today, Reserve Bank of India gave permission to formally launch Paytm Payments Bank,” Paytm Founder Vijay Shekhar Sharma, who is the majority shareholder in Paytm Payments Bank, said in a blogpost. The payments bank is expected to start operations next month with its first branch in Noida, Uttar Pradesh. “At Paytm Payments Bank, our aim is to build a new business model in banking industry, focussed on bringing financial services to millions of un-served or underserved Indians,” he said. More than ₹200 crore has been invested till now for the bank, with Mr. Sharma putting in ₹112 crore. — Special Correspondent