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Paytm Claimed 100M KYC Registration For Payment Bank

24Apr By Lavina TolaniNo Comments

News

Paytm Claimed 100M KYC Registration For Payment Bank

Paytm Payments Bank has managed to successfully register over 100 million KYC wallets, against the constant campaigning done by the bank about the benefits of the Know Your Customer (KYC) system as announced by the bank on Monday. The 100M milestone record included both complete (or full) and minimum KYC customers. Bank has introduced several options post successful reception, these include Paytm KYC centers' Paytm-Ka-ATM’ outlets that offer a better-localized support. These centers can be easily located through "Near By" section on the Paytm App. Paytm Payments Bank is also offering KYC customers to open an account with a zero balance account. Renu Satti, MD, and CEO at Paytm Payments Bank said, It is exciting to see our customers appreciate the benefits of completing ...

Paytm Seeks RBI Licence to Start Mutual Fund Service

21Jun By PriyankaNo Comments

News

Paytm Seeks RBI Licence to Start Mutual Fund Service

Paytm has applied for a licence to set up a money market mutual fund that will enable the company to expand its financial offerings to consumers. According to sources, Paytm has applied to the Reserve Bank of India (RBI) to start the fund in the coming months, a move that will enable the company to increase revenues from financial services. When contacted, Paytm declined to comment. The primary objective of a money market fund is to invest in short-term securities. The Alibaba and SoftBank-backed company had, last month, started its payments bank operations in the country and aims to garner 500 million customers by 2020. The company has earmarked an initial investment of Rs 400 crore to build its banking network over two years. Also, it launched Digital Gold in April this year...

Paytm Appoints Renu Satti as a CEO of Paytm Bank, Shinjini Kumar Quits

17May By AnkitaNo Comments

News

Paytm Appoints Renu Satti as a CEO of Paytm Bank, Shinjini Kumar Quits

After months of delay, Paytm is now set to commence its payments bank operations from May 23, having received the final approval from the Reserve Bank of India. The digital payments and commerce firm has named Renu Satti as its new CEO, following the departure of Shinjini Kumar. "Paytm Payments Bank Ltd (PPBL) has received the final licence from the RBI and would commence its operations on May 23, 2017," it said in a public notice. A Paytm spokesperson said: "We recently received approval from RBI for Renu Satti to be the CEO." Satti had joined Paytm in 2006 as manager human resources and over the years, has been involved with various departments at the company. Most recently, she was heading the movie ticketing business as vice president. Before Paytm, she has worked with M...

Vijay Shekhar Sharma Raises Rs 325cr By Selling His 1% stake

10Dec By NitishNo Comments

News

Vijay Shekhar Sharma Raises Rs 325cr By Selling His 1% stake

As per a news report, Vijay Shekhar Sharma India's leading e-wallet and recharge platform, Paytm, has sold 1% of his equity in One97 Communication to raise about Rs 325 crore for Paytm Payment bank. One97 Communications is the company that runs Paytm. The shareholder's name was not disclosed. Vijay had now 20.33% stake in One97 Communication. The transaction values One97 Communications at about $4.7 billion. Earlier Vijay Shekhar Sharma has received in-principle approval from the Reserve Bank of India after the company decided to transfer the e-wallet business to the payments bank entity to start the payments bank but the final approval is awaited. According to RBI rules, Sharma has to hold a 51% stake in the payments bank for which he has created a new entity-Paytm Payments Bank....

Not Interested to Join Interest Rate War With Banks – Shinjini Kumar, CEO, Paytm Bank

9Jun By AnkitaNo Comments

Entrepreneurs Talk

Not Interested to Join Interest Rate War With Banks – Shinjini Kumar, CEO, Paytm Bank

Financial technologies player Paytm Bank today ruled out joining the rate war in the savings account interest rate space when it launches its payments bank, instead, it will focus on increasing revenue-accretive transactions. "Obviously, we do not want our customers to lose money if they are keeping their money with us, but at the same time we dont want to fight a war on interest rates," Shinjini Kumar, CEO of the Paytm payments bank venture, told reporters. Kumar, who just joined the bank from consultancy major Pricewaterhouse Coopers, explained that it is "counter intuitive" for a payments bank to offer higher interest rates as it has restrictions on how it uses the deposits. "It is very counter-intuitive for a payments bank to offer higher rate of interest on savings because they w...