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RBI clears Paytm payments bank

  •   Wed, Jan 04 2017 08:11:23 AM

Mumbai, Jan 4 (DHNS): Paytm Payments Bank has received approval from the Reserve Bank of India (RBI) for a formal launch. Paytm was one of the 11 companies that received the RBI’s in-principle approval for launching a payments bank.

Paytm had launched its mobile wallet on January 3, 2014, and has since become the category leader.

“Today, the Reserve Bank of India gave permission to formally launch Paytm Payments Bank. We can’t wait to bring it in front of you,” founder of One97 Communication, Vijay Shekhar Sharma – which owns a majority stake in Paytm Payments Bank – says in a blog.

Our aim is to build a new business model in the banking industry, the blog states.
  

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Comment on this article

  • SMR, Karkala

    Wed, Jan 04 2017

    China's Alibaba Group and affiliate Ant Financial have become the largest shareholders of One97 Communications, the parent of Indian etailer Paytm, by investing $680 million, underlining the ambition of the world's largest ecommerce company to gain a stronger foothold in the country's surging Internet retail space.

    The Chinese ecommerce major has directly acquired a 20% stake while Ant Financial's holding has fallen to a little over 20%. Alibaba thus becomes the biggest investor in Paytm in a deal which values the Indian online payments and ecommerce firm at about $3.4 billion. The Chinese company also invested in Snapdeal last month, but its larger shareholding in Paytm means that it will make the mobile wallet and ecommerce company the main driver of its growth strategy in India.

    Now RBI has given official nod for 'Make in India' to be part of aggressive China economy.

    Cashless economy is now feeding the Chinese dragon.

    Jai Hind

    DisAgree Agree Reply Report Abuse

  • Pinto, BLR

    Wed, Jan 04 2017

    Another "blade" bank in the making !!!

    DisAgree [1] Agree [2] Reply Report Abuse

  • Joel, Mangalore/Bangalore

    Wed, Jan 04 2017

    So much money will go to China??

    DisAgree Agree [1] Reply Report Abuse

  • ravi, mangalore

    Wed, Jan 04 2017

    Don''t use Paytm. If u use, not only u lose money as they don''t give interest on the money left there, also not a Indian company.
    you put case also it will take long first go to RBI inquiry & others because this incidence happen in Singapore

    DisAgree Agree [2] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Wed, Jan 04 2017

    Paytm, ModiKwik & Reliance JioMoney Wallet have the blessings of ...

    DisAgree [6] Agree [11] Reply Report Abuse

  • Amith, udupi

    Wed, Jan 04 2017

    when payTM can manage to put Modi image with go cashless on all front pages on NoV 9th morning inspite of PM announcing on NoV 8th night about demonetisation and there was hardly anytime to go to press ..then imagine ..somewhere something is wrong and moreover CBI filing FIR on 3 persons for misusing payTM makes the case even stronger ..and now RBI nod

    DisAgree [4] Agree [10] Reply Report Abuse

  • Praveen, Mangalore

    Wed, Jan 04 2017

    Some people (anti BJP/Modi people & Black money holders) are jealous about India's growth.

    Keep doing....Modiji will change the nation.

    why can't you guys can plan moving to Canada or Australia if you are not happy with the current administration.

    DisAgree [37] Agree [17] Reply Report Abuse

  • gm, mlur

    Wed, Jan 04 2017

    How dare you to say to move? We are the citizens of Independent India not slaves .

    DisAgree [7] Agree [21] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Wed, Jan 04 2017

    Who are U ...

    DisAgree [6] Agree [8] Reply Report Abuse

  • Praveen, Mangalore

    Wed, Jan 04 2017

    Then keep quiet and follow the rules....you cant mess around.

    DisAgree [1] Agree Reply Report Abuse

  • Peter, Udupi

    Wed, Jan 04 2017

    Ok, now Pay To Modi becomes official and Legal.

    DisAgree [9] Agree [28] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Wed, Jan 04 2017

    Dal Mein Kuch Kala Hai ...

    DisAgree [10] Agree [28] Reply Report Abuse

  • Declan, Mumbai

    Wed, Jan 04 2017

    Been that way since May 2014. How much longer do we have to put up with this dongi BJP rule. God help us.

    DisAgree [10] Agree [22] Reply Report Abuse

  • j.anata, Mangaluru / Bengaluru

    Wed, Jan 04 2017

    Maybe until 2024 for sure....Pity you

    DisAgree [1] Agree [1] Reply Report Abuse


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