06 September 2017, India:
Paytm parent company One97 Communications and Founder Vijay Shekhar Sharma have invested Rs. 60 Crore in Paytm Payments Bank as per the report by ET. Sharma invested Rs. 30 Crore whereas One97 Communications invested Rs. 23 Crore and the remaining amount was invested by One97 Communications India.
Paytm Payments Bank is a new type of bank, licensed by the Reserve Bank of India. As a Payments Bank, Paytm can now accept customer deposits up to Rs. 1 lakh per customer in a wallet, savings or current account and offer other banking services like Debit Cards, Online Banking and Mobile Banking. Paytm Payments Bank will continue to offer Paytm wallet.
In addition, current accounts for businesses and interest-bearing savings accounts for individuals will be offered by a bank. It will also enable you to access a range of financial services such as insurance, loans, Mutual Funds offered by our partners with the seamless Paytm experience.
Paytm Payments Bank was recently launched with zero charges on online transactions and no minimum balance requirement. It has been designed to help achieve financial inclusion and bring half a billion Indians into the mainstream economy. It was the first Indian company to bet big on its zero cost QR Code-based payment solution that has become synonymous with digital payments in the country. It is aiming to replicate this success in the banking sector and further drive the adoption of digital transactions. (Image- BGR)