RBI clears Paytm payments bank

Paytm Payments Bank has received approval from the Reserve Bank of India (RBI) for a formal launch. Paytm was one of the 11 companies that received the RBI’s in-principle approval for launching a payments bank.

Paytm had launched its mobile wallet on January 3, 2014, and has since become the category leader.

“Today, the Reserve Bank of India gave permission to formally launch Paytm Payments Bank. We can’t wait to bring it in front of you,” founder of One97 Communication, Vijay Shekhar Sharma – which owns a majority stake in Paytm Payments Bank – says in a blog.
Our aim is to build a new business model in the banking industry, the blog states.