Money & Banking

Paytm defers launch of payment bank business to June

Priyanka Pani Mumbai | Updated on January 19, 2018

Mobile payment and e-commerce firm Paytm has deferred the launch of its payment bank business to June from the earlier March timeline.

The New Delhi-based company, founded by Vijay Shekhar Sharma, is among 11 others including Aditya Birla Nuvo, Airtel M Commerce Services Ltd, Fino Paytech and Tech Mahindra, to have got the RBI license to run a payment bank as a part of the Government’s financial inclusion programme.

Talking on the sidelines of Nasscom India Leadership Forum, Sharma said that the company is however on track to be the first among all for the national rollout. The Alibaba-backed company plans to start the roll out from Meerut (UP) and then expand to North East by end of this year.

“We have named it Project Pokhran as this was an event that put India from a ‘have not’ list to a ‘have’ list. So, we would like to begin with the under-served and under-penetrated markets,” Sharma said.

In an earlier interview to Business Line, Sharma had said that the company will be announcing the leadership team for the payment bank by end of February. “We are approaching several top bankers from within and outside the country. We will have a 1,200 member team including 250 banking correspondents,” Sharma added.

Published on February 12, 2016

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