Earlier in 2016, Bharti Airtel opened its firs payment bank in India. These banks could not lend money but provide other money-related transactions and take deposits. Now paytm has also come up with the idea to open payment banks. Paytm’s payment banks will be launched soon, said Chief Financial Officer(Cfo), Madhur Deora.
India’s largest wallet provider, Paytm is going to kickstart its new mission to open payment banks in the country. It is to encourage cashless transactions in India’s economy.
And as it has received the final thumb’s up from RBI(Reserve Bank Of India), paytm is pretty much excited to carry out its plans.
Last year, RBI allowed one of the India’s largest telecom service provider, Airtel, for such banks. The goal was to encourage the adoption digital finance and expanding financial inclusion.
Paytm’s payment banks will be launched before November, this year.
Talking about his plans to the Forbes India magazine he said,”
We are planning to launch the bank in the next 30-60 days. We can’t wait to bring the Paytm Payments bank to millions of consumers across India.”
He said that Indians are still not getting adequate banking services. Therefore to make their experience better, payment banks will come in handy.
“We will leverage the large number of smartphones in India, and our large network of use cases to make banking simple and convenient,” he quoted saying.
Though he agreed that there still are many big challenges to tackle but they will overcome them in the next 3-5 years.
“We fully expect to face a number of execution challenges as we build the first-of-its-kind digital bank in India. However, we have full conviction in the journey that we have embarked upon, and are excited about bringing the Paytm Payments Bank to even more Indians,” he added.