Paytm Payments Bank formally approved by RBI

PayTM has received formal approval for its Payments Bank from RBI today. Earlier, RBI had provided an ‘in principle license’ to the founder and CEO Vijay Shekhar Sharma and as of today, the final license has been granted. According to Paytm, they will be commencing banking operations soon. According to directions received from RBI, PayTM will be moving its wallet platform into the new Payments bank