India’s largest mobile wallet service now has its own payments bank.
Paytm announced today it has received regulatory approval from the Reserve Bank of India for launching Paytm Payments Bank, a move that “changes everything” for the company.
“Our aim is to build a new business model in banking industry, focussed on bringing financial services to 100s of millions of un-served or underserved Indians,” said founder and CEO of Paytm, Vijay Shekhar Sharma.
“With power of technology and innovation-at-scale, we aim to become a benchmark in world of banking,” he added, stating his intentions of taking full-time executive role in the Bank. Read more…