An Initiative by One97 Communications, Paytm is a digital payments platform. It allows you to transfer cash into the integrated wallet through debit cards, credit cards and online banking or even by depositing cash through selected banks. You can do cashless payments for various goods by using the money in your paytm wallet.
Paytm gets RBI approval for payments bank
Paytm has finally received final approval of the Reserve Bank to formally launch its payment bank and it is anticipated to start the operations from the next month which is April 2017
Payments bank can accept deposits from person and small businesses of upto rupees 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.
The first branch is expected to open in Noida, Uttar Pradesh.