Paytm gets RBI final nod to launch payments bank

The company has already invested Rs 220 crore in its payment bank platform.

Paytm Payment Bank ad. Photo: Paytm blog

Paytm on Tuesday announced that the Reserve Bank of India (RBI) has given it permission to formally launch its Payments Bank. The company which had deferred the launch by more than three months has now got the go ahead to launch it. It is expected to roll out Paytm Payments Bank within the next 30-60 days.

Paytm has already received investments of Rs 220 crore from founder Vijay Shekhar Sharma and parent company One97 Communication.

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

He further added, “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.”