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Paytm Payments Bank Launched: Know How to Open Paytm Bank Account

Paytm Payments Bank Launched

Paytm Payments Bank: Paytm has launched its payments bank on Tuesday targeting 500 million customers by 2020. This Paytm Payments Bank offers 4 percent interest rate, cash back on deposits, no minimum balance requirement and zero fees on online transactions.

Paytm has spent an initial investment of Rs. 400 crores to build it network in the next two years. Japanese conglomerate SoftBank and Chinese firm Alibaba backs the Paytm Payments Bank. Paytm claims the third entity in India to launch payments bank after Bharati Airtel and India Post.

“RBI has given us an opportunity to create a new kind of banking model in the world. We are proud that our customer deposits will be safely invested in government bonds, and be used for nation building. None of our deposits will be converted into risky assets,” says, Vijay Shekhar Sharma, Chairman, Paytm Payments Bank.

Paytm Food Wallet for tax-free food allowance to employees instantly

All the digital wallets will be shifted to the Paytm Payments banks post the launch.

How to open a new account in Paytm Payments Bank?

Customers can open a new account by logging in to www.paytmpaymentsbank.com or download the Paytm Payments Bank iOS app. Customers should submit e-KYC (Know your customer) documents. Paytm is setting up KYC centers across India to make the Paytm Payments Bank account opening process easy.

Existing digital Paytm Wallet customers will be transferred to the Payments Bank automatically after the launch. Customers have no option to choose to switch or not.

“Our ambition is to become India’s most trusted and consumer-friendly bank. Leveraging the power of technology, we aim to become the preferred bank for 500 million Indians by 2020.We will invest over Rs. 400 crores over the next two years to build banking network across the country,” says, CEO Renu Satti, Paytm Payments Bank.

Idea Payments Bank to Unveil in the First Half of This Year

At an earlier stage, Paytm Payments Bank accounts will be available on an invite-only basis. Later, its employees and associates will get the beta version of the banking app. The company plans to roll out 31 branches, and 3,000 customer service points the first year after its launch. Users will also get RuPay debit cards to withdraw cash from any ATM in the country.

Paytm Payments Bank got Final Nod From RBI: Operations will start From February

Paytm Payments Bank

Paytm Payments Bank got final approval from RBI. This is a big news for the company. They are formally going to launch its payments bank and start its operations in the next month.

Vijay Shekhar Sharma, the founder of Paytm and One 97, said “Today, Reserve Bank of India gave permission to launch Paytm Payments Bank formally. We can’t wait to bring it in front of you.”

Paytm CEO Vijay Shekhar Sharma Sells 1 Percent Stake to Raise Funds for Payments Bank

He also said exactly three years ago in 2014 paytm has launched as the mobile wallet, now it became the category leader and changed the way India pays.

To everywhere this paytm is spreaded, from villages to cities, from corner vegetable stalls to milk booths, small shops to large retailers, everyone accepted the new way to pay by Paytm.

He also said paytm payments bank aim is to build a new business model in the banking industry which is focused on bringing financial services to millions of Indians.

Mostly in February they will start operations. In 2015, RBI had given ‘in-principle’ approval to Vijay Shekhar Sharma, to set up a Payments Bank along with 10 others.

At present Airtel is the only company to start its payments bank. Aditya Birla Idea Payments bank will start their operations in the first half of 2017.

Paytm digital wallet is also one of the parts of paytm payments bank. Mr. Sharma will hold 51% and One 97 communication will hold 49%

How to Transfer Money From Paytm to Any Bank Account

This payment bank sets a target to reach 200 million accounts within one year from the launch. By 2020 their aim is to touch the half a billion accounts. At present, paytm have 150 electronic accounts.

In this bank, they will sell products, loans, wealth management and insurance to drive revenues. These payment banks do not lend themselves directly, and they can do banking on cross-selling bank products through partnerships.

Paytm CEO Vijay Shekhar Sharma Sells 1 Percent Stake to Raise Funds for Payments Bank

Paytm CEO Vijay Shekhar Sharma Sells 1 Percent Stake to Raise Funds

Paytm CEO and founder Vijay Shekhar Sharma has sold 1 percent of his shares in One97 Communications to its depositors for about Rs 325 crores. The amount elevated will be used for Paytm’s proposed Payment Bank Operations in which Sharma holds 51 percent stake.

Speaking about the development, Paytm representative said, “The process had done for Paytm Payment Bank Investment, and the existing stockholders have bought the shares.”

At the end of this March, Sharma got over 21 percent stake in One97 Communications. Now, from the latest sale, he would bring down his holding to 20 percent. Last year, the Reserve Bank of India (RBI) had awarded ‘in-principal’ approval to One97 Communications founder Sharma for launching a Payments Bank.

Your Amount in Paytm Wallets May Expire soon if you Pass over this Process

Paytm Payments Bank is in the final phase, and it is looking for a green signal from RBI, and it will start its operations after due approvals. However, CEO Vijay Shekhar Sharma grips a majority share in the new payment bank entity, and One97 Communications are holding the rest.

Earlier this week, One97 Communications also simplified its business, merging Paytm’s wallet business with payments bank operation.

China’s leading online shopping portal Alibaba Group and its partner Ant Financial hold over 40 percent in One97 communications. They had propelled in USD 680 million last year into the parent company of Paytm.

How to Transfer Money From Paytm to Any Bank Account

However, the Chinese body won’t have a direct shareholding in the Payments bank. Other investors of One97 Communications include SAIF Partners, Intel Capital, and SAP Ventures.