Paytm To Launch Its Payments Bank This Diwali
Online recharge and e-commerce platform Paytm is investing Rs 350 crore in its payments bank arm, which is looking to start operations by Diwali this year, a company executive said. The capital will be primarily utilised to build the platform's technology infrastructure and physical branch presence in rural areas, chief executive of Paytm's payments bank Shinjini Kumar told TOI.
"Our plans show this initial capital is adequate for rolling out a payments bank as we are not looking to open too many branches in one go. We have got separate solutions to address urban and rural consumers as both have different sets of challenges," Kumar said.
Paytm will be using Infosys' Finacle platform fpr the payments of the bank. The company is right now working on partnerships with financial products suc...