Friday, 28 April 2017

Paytm to pump in Rs 10K crore into banking, financial services

Paytm to pump in Rs 10K crore into banking, financial services

Alibaba-backed Paytm today said it will invest Rs 10,000 crore over the next three years to ramp up(बढ़ाना) its banking and financial services business. The Noida-based company, which will soon
offer payments bank services in the country, claims to have already pumped in over Rs 3,200 crore in the last two years for its operations. “We will invest Rs 10,000 crore in our banking and financial services in the next three years. We hope to get the final approval for our payments bank operations soon, so that we can roll out services,” Paytm founder and CEO Vijay Shekhar Sharma told reporters here. At present, Paytm operates a mobile wallet and e-commerce marketplace. With over 1.5 billion transactions on its platform, the company now aims to cross the 4.5 billion mark this year.
Payments banks can accept deposits from individuals and small businesses of up to Rs 1 lakh per account. To deepen financial inclusion in the country, RBI had allowed small finance banks and payments banks to start services. Currently, Airtel and India Post Payments Bank are the only two players that has commenced payments bank operations. Paytm was slated to begin operations around Diwali last year but the same has been postponed on account of certain approvals getting delayed.

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