Bookmark Kaumudi Online  Bookmark this site  Editor@Kaumudi  |  Marketing  Print Advt rates  |  Calendar 2012        Go!    
 
 
March 25, Saturday 2017 9:05 PM       

       HEADLINES: Mishel's death: POCSO act invoked against Cronin                                              15 youths 'sexually abuse' 16-year-old girl at Ochira                                              Ban on Vinayan: CCI fines Kerala Cinema associations                                              Death of 14-year old in Kundara: Crime branch to take over case                                              Even Yechury admits LDF’s failure, says Chennithala                                              Facebook removes Srijato's controversial poem                                              Kejriwal, 5 others put on trial in Jaitley defamation case                                              Lucknow meat sellers go on strike protesting crackdown                                              Death toll in UK terror attack rises to five                                              'Significant arrests' made in UK terror attack case                                              Bill against outsourcing jobs back in House of Representatives                                              Hamilton on pole for Australian GP with record lap                                              Kohli ruled out, Rahane becomes India's 33rd Test captain                                              FIFA lauds Navi Mumbai venue, says this should be benchmark                                              Debutant Kuldeep takes 4, Australia all-out for 300 on Day 1                                              Kaumudi Facebook
       BUSINESS Next Article: RBI turns away people wanting to exchange old notes  
       Paytm gets RBI approval for payments bank
 
         Posted on :00:38:31 Jan 4, 2017
   
A A
       Last edited on:00:38:31 Jan 4, 2017
         Tags: Paytm, RBI approval, payments bank
 
NEW DELHI:Paytm today said it has received final approval of the Reserve Bank to formally launch its payments bank and it expects to start operations next month.
 
Payments banks can accept deposits from individuals and small businesses up to Rs 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.
 
He added that at Paytm Payments Bank, the aim is to build a new business model in banking industry, focussed on bringing financial services to hundreds of millions of unserved or underserved Indians.
 
When contacted, a Paytm spokesperson said the company hopes to launch operations in February with the first branch coming up in Noida, Uttar Pradesh.
 
Paytm was earlier slated to begin operations around Diwali last year. In 2015, RBI had awarded 'in-principle' approval to Vijay Shekhar Sharma, the founder of One97 Communications, to set up a Payments Bank along with 10 others.
 
With the objective of deepening financial inclusion, RBI kicked off an era of differentiated banking by allowing SFBs (small finance banks) and PBs (payments banks) to start services. A total of 21 entities were given in-principle nod last year, including 11 for payments banks.
 
Later, three entities -- Tech Mahindra, Cholamandalam Investment and Finance Company and a consortium of Dilip Shanghvi, IDFC Bank and Telenor Financial Services -- backed out of the payments bank licensing.
 
Currently, Airtel is the only player that has commenced Payments Bank operations. Aditya Birla Idea Payments Bank is expected to launch services in the first half of 2017.
 
Sharma will hold the majority share in Paytm Payments Bank, with the rest being held by One97 Communications.
 
Last month, One97 Communications had restructured its business ahead of the launch of the Payments Bank, merging the wallet business with payments bank operation.
 
Alibaba Group and its affiliate Ant Financial pumped in USD 680 million into Paytm's parent One97 Communications last year, taking its total shareholding to over 40 per cent in the country's largest mobile wallet operator, Paytm.
 
However, the Chinese entity will not have a direct shareholding in the payments bank.
 
A A
       BUSINESS
Next Article: RBI turns away people wanting to exchange old notes
 
 
BUSINESS HEADLINES
CBEC to be renamed CBIC under GST regime  
Sebi bans RIL from equity derivatives market for 1 year  
Sensex up for 2nd day, Nifty reclaims 9100 as bank stocks gain  
Govt may table 4 GST bills in Parliament today: Minister  
Airfares in India among 'lowest' globally: Sinha  
Sensex tanks 318 pts, Nifty slumps below 9100 on global clues  
Notes ban to spur economic activity: Govt  
Govt nod for 18 new airports costing Rs 30,000 cr  
Govt nod for 18 new airports costing Rs 30,000 cr  
Adani Enterprises acquires Adani Infra  
Vodafone, Idea Cellular to create new Indian market leader  
Softbank appoints Kabir Mishra to Snapdeal board  
Idea to sell 2G, 3G, 4G mobile data at same price from Mar-end  
Airbus to set up its first Asia training facility in Delhi  
BSNL offers 2GB data per day, unlimited calling for Rs 339  
Sensex soars 188 pts, Nifty at fresh closing peak on Fed move  
Prominent Australians ask Adani to abandon coal mine project  
Harley-Davidson launches Street Rod at Rs 5.86 lakh  
India imports petrol, diesel from China  
Rupee hits 1-1/2 yr high, surges 78 paise on BJP sweep  
Tata Steel, Wipro in world's most ethical companies' list  
Google in talks with China to stage a comeback: report  
Despite bottom line pressure, FY17 to be the best for airlines  
IIP bounces back in Jan, expands by 2.7 pc  
12 lakh new notes infused in the market: Jaitley  
 
Do you support the choice of Yogi as UP chief minister?
yes
 
no
 
don't know
 
 
 
Home Kerala India World Business Sports Sci&Tech Education Automobile CityNews Movies Environment Letters 
© Copyright keralakaumudi Online 2011  |  Reproduction in whole or in part without written permission is prohibited.
Head Office Address: Kaumudi Buildings, Pettah P.O, Trivandrum - 695024, India.
Online queries talk to Deepu Sasidharan, + 91 98472 38959 or Email deepu[at]kaumudi.com
Customer Service -Advertisement Disclaimer Statement   |  Copyright Policy