Saturday, 16 December, 2017

Paytm payments bank and what it means for users

Paytm to start payments bank from May 23 Renu Satti to be CEO Paytm appoints Renu Satti as upcoming Payments Bank CEO
Jo Caldwell | 18 May, 2017, 16:43

"We recently received approval from the Reserve Bank of India (RBI) for Renu Satti to be the CEO", Paytm spokesperson told IANS here.

After much anticipation, Paytm has announced an investment of 1.4 billion dollars today by the SoftBank Group, the Japanese Internet and telecom major, in One97 Communications Limited, the entity that operates India's largest mobile payments and commerce platform under the Paytm brand. "We believe we have a great opportunity to bring financial inclusion to half a billion Indians", said Vijay Shekhar Sharma, founder and CEO of Paytm. I tried to relocate to Delhi, but as things are evolving more, it was hard to travel back and forth between Delhi and Mumbai.

Satti had joined Paytm in 2006 as manager human resources and over the years, has been involved with various departments at the company. She has headed different teams for online marketplace and mobile wallet at the firm. So now Noida-based payments player will commence its payment bank operation from next week.

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Paytm confirmed that all the active wallet accounts on the application will securely transfer to the payments bank. It does not make sense to discontinue your wallet unless you have had a bad experience with Paytm because you'll also be earning interest on the money stored in this account.

As per RBI guidelines, Payments banks can accept deposits from individuals and small businesses up to Rs 1 lakh per account.

Paytm was scheduled to begin the payments bank operations in a year ago but failed to do so till now because of lack of regulatory requirements. But it got delayed. The first branch in Northeast would be opened in Guwahati. That includes 11 for payments banks. "Around Rs 220 crore has been put into the bank, of which Rs 120 crore has come from my side", Sharma had told Business Standard. After the initial euphoria, three recipients withdrew their applications. The company move to launch zero cost QR Code-based payment solution worked very well during the demonetization days and has been adopted by millions of merchants since then. SoftBank is also said to be pushing the sale of Snapdeal, who's been feeling the heat of the market and has already slashed its operations, to homegrown rival Flipkart.

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