Paytm today got permission from the Reserve Bank of India (RBI) to start rolling out payments bank services in the country. Earlier it, among 10 others, had received in-principle approval from the apex bank to start a payments bank. Final approval was awaited.
“Today, Reserve Bank of India gave permission to formally launch Paytm Payments Bank. We can’t wait to bring it in front of you,” wrote Paytm Founder Vijay Shekhar Sharma in the company’s blog.
Among the 11 licensees only Bharti Airtel has started offering the payments bank services. A payments bank offers almost all the services offered by a traditional bank except the credit related solutions like loans or credit cards.
“At Paytm Payments Bank, our aim is to build a new business model in banking industry, focused on bringing financial services to 100’s of millions of un-served or underserved Indians,” Sharma says.
“With power of technology and innovation-at-scale, we aim to become a benchmark in world of banking,” he adds.
And we believe he can do this. We already have a bright example in Paytm.
The mobile wallet was started exactly three years from today but because of dedication to offer the best mobile wallet service coupled with Sharma’s vision and leadership, Paytm, in India, has created a benchmark in digital payment. It’s almost synonymous with digital or cashless payment.
“From villages to cities, from corner vegetable stalls to milk booths, small shops to large retailers, everyone embraced the new way to pay by Paytm,” he adds.
With the grant of the final approval from the RBI, Sharma is just steps away from the formal launch.
“This is our chance to build something that every Indian can be proud of. No other role or responsibility means as much to me as the privilege of building Paytm Payments Bank, and I intend to take a full-time executive role in the Bank,” he writes further in his blog.