Paytm today said it has received final approval of the Reserve Bank to formally launch its payments bank and it expects to start operations next month, reports PTI.
Payments banks can accept deposits from individuals and small businesses of up to Rs 1 lakh per account.
“Today, Reserve Bank of India gave permission to formally launch Paytm Payments Bank. We can’t wait to bring it in front of you,” Vijay Shekhar Sharma, founder of One97 Communications, said in a blogpost.
“No other role or responsibility means as much to me as the privilege of building Paytm Payments Bank, and I intend to take a full-time executive role in the Bank,” Sharma said further.
He added that at Paytm Payments Bank, the aim is to build a new business model in banking industry, focussed on bringing financial services to hundreds of millions of unserved or underserved Indians.