Picture Credits: LiveMint
7.5 years after its launch as a payment platform, Paytm has finally got the approval from RBI to function as a Payment Bank! Their Payment Banks will be launched ASAP and will be functioning by next month.
Payment Banks are just like usual banks, only they function at a smaller scale wherein people can deposit money up to Rs 1 Lakh per account. Paytm’s Payment Bank is focussing on building a new business model in the banking industry and providing financial services to unserved and underserved Indians.
The first branch will be coming up in Noida, Uttar Pradesh and hopes to be functioning by February this year *only a month to go*!
Paytm’s anyway got the entire country under their hold by being the only major mobile payment app, and now with this payment bank, they'll soon be taking over the entire monetary market!
Sourced via Economic Times