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Paytm Starts Payments Bank, Will Offer 4% Interest Rate

23May By AdityaNo Comments

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Paytm Starts Payments Bank, Will Offer 4% Interest Rate

New Delhi, May 23- Targeting 500 million customers by 2020, digital payments firm Paytm today launched its payments bank with 4 per cent interest rate and cashbacks on deposits, zero fees on online transactions and no minimum balance requirement. Backed by Chinese firm Alibaba and Japanese conglomerate SoftBank, the company has earmarked initial investment of Rs 400 crore to build its banking network over two years. Paytm is the third entity in the country to launch a payments bank after Airtel and India Post. "RBI has given us an opportunity to create a new kind of banking model in the world. We are proud that our customer deposits will be safely invested in government bonds, and be used for nation building. None of our deposits will be converted into risky assets," Paytm Payments Bank...

Amul MD Appointed Director of India Postal Payment Banks

22Aug By Press Trust of IndiaNo Comments

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Amul MD Appointed Director of India Postal Payment Banks

Amul Managing Director R S Sodhi has been appointed as independent director on the board of India Post Payment Banks (IPPB) -- the payments bank arm of postal department. "GCMMF Managing Director R S Sodhi has been appointed independent director on the board of IPPB," an official source said. Gujarat Cooperative Milk Marketing Federation (GCMMF) sells the Amul brand of milk products. Sodhi is one of the five independent members to be appointed on the board IPPB, which is set to be operational in March 2017. The board will have four in-house representatives. IPPB came into existence after it received certificate of incorporation from the Registrar of Companies on August 17. Payments bank allows mobile firms, supermarket chains, and others to cater to banking requirements o...

Airtel Payments Bank appoints Shashi Arora as CEO and MD

2Jun By PriyankaNo Comments

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Airtel Payments Bank appoints Shashi Arora as CEO and MD

Airtel Payments Bank today announced the appointment of Shashi Arora as the CEO and Managing Director of the company. His appointment is subject to the approval of the Reserve Bank of India. He will replace Manish Khera, CEO, who resigned from his post to pursue his entrepreneurial journey. "I am delighted to announce the appointment of Shashi Arora as the CEO and MD designate of the bank. Shashi is a seasoned professional with over 26 years of experience across sectors including FMCG, Telecom, Media and Banking," Airtel Payments Bank Chairman Sunil Bharti Mittal said in a statement. On April 11, 2016, Airtel Payments Bank became the first entity in India to receive a payments bank license from the Reserve Bank of India (RBI). The company plans to start rolling out its banking netw...

One More Down, Tech Mahindra Pulled Out From Payments Bank Race

24May By PriyankaNo Comments

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One More Down, Tech Mahindra Pulled Out From Payments Bank Race

IT firm Tech Mahindra today said it will not pursue its plans to set up payments bank operations in the country, becoming the third player to pull out from the race. "With reference to the earlier communication dated August 20, 2015, about the in-principle approval granted by RBI for setting up a payments bank, Board of Directors of the company have decided that the company will not pursue this opportunity," it said in a filing to the BSE. Sun Pharma founder Dilip Shanghvi who along with IDFC Bank and Telenor got in-principle approval from the Reserve Bank for payments bank, also pulled out of the race last week. A couple of months back, Cholamandalam group also dropped plans of setting up a payments bank. "It was a conscious decision that we wanted to be in this business. We ...