Paytm Payments Bank to start its services on February 21


Paytm Payments Banks, which received its final approval from the Reserve Bank of India (RBI) last month, is all set to operate its Payments bank in the country by next week.

Promoter and founder of Paytm Payments Bank Ltd Vijay Shekhar Sharma told the Hindu that the payments bank will be commercially launched on February 21.

Reportedly, the company is likely to start with Uttar Pradesh. It will then expand operations to the North-East in the first phase, and is likely to have around 1 lakh banking correspondents.

Early this month, Vijay Shekhar Sharma, along with two companies, One97 Communications Ltd and One97 Communications India Ltd, had invested ₹218 crore in the payment banks

Paytm’s orginal plan was to start the bank’s operations in April.

Competitors such as Airtel and India Post have already launched their operations. Other applicants such as Fino Paytech, National Securities Depository and Mukesh Ambani-led Reliance are also likely to launch their respective banks by May, say sources.


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