The Founder of One 97 Communications Ltd Vijay shekhar sharma said Paytm is planning to Launch payment bank before Diwali...!!! Capital would be 300 crore to launch business before November .
The Noida-based digital payment firm Paytm had won the payments bank licence from the Reserve Bank last year.Payments bank can accept demand and savings bank deposits from individuals and small businesses, up to a maximum of Rs. 1 lakh per account.
The Paytm Payments Bank will be headquartered in Noida and kick off its services from east and north, to begin with.
“It is not an easy business and is a long-term game. It should take any payment bank three to five years to make money. If you have enough volumes, you could reach there faster,” said Sharma in an interview.
“The company (One97) and I will continue to keep funding the bank till it is profitable,” he added. Paytm Payment Bank will be 49% owned by One97 and 51% by Sharma.
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