Paytm founder Vijay Shekhar Sharma dreams of launching a payment bank, looks is most likely to turn into a reality.
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On Wednesday, Founder of One97 tweeted positively with a notice that highlights the approval of the license for the Paytm Payments Bank Ltd. by the Reserve Bank of India. The tweet also announced the date of commencement by May 23rd.
The company split in December 2016 from E-wallet to Paytm Payments Bank Ltd. meeting the norms laid by the RBI, the wallet entity has to be separate from Paytm Payment Banks Ltd. to get registered.
Paytm is in final talks with Japan’s Softbank company to raise funds up to $1.4 billion. The major part of the capital raised will go into the operational cost of setting up the banks, according to the reports.
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“Paytm management said This is just a transfer of ownership of wallet to a new company called Paytm Payments Bank Ltd. Once we launch the bank, you will be given an option to open a separate bank account with us” Paytm may carry out operations in partnership with ICICI bank, according to the sources.