Use of Paytm wallet may end on January 15 and the company will be converted into Paytem Bank. Reserve Bank of India (RBI) has given a final approval of much-awaited Payments Bank license to its founder Vijay Shekhar Sharma, who shared the news withb others on Facebook.
Sharma wrote, “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 takr a full-time executive role in the Bank.”
Last year Airtel launched its Payments Bank, but as a pilit project it focused only in Rajasthan.
Last month Sharma explained 51 percent of the stake of Paytm is with him and the remaining 49 percent with One97 Communication. However, it is not to forget 40 percent of the One97 Communication stake is with Chinese company Alibaba.
Meanwhile, after the launch of Payments Bank the company gets a target to achieve accounts base of 20 cored Indians within a year.
Paytm has also integrated UPI based cash loading mechanism into its wallet and Senior Vice President Nitin Misra said, “This will not only help customers add money into their Paytm Wallets, but also act as a strong foundation for our upcoming Payments Bank. Going forward, we will continue to leverage various India Stack features to bring innovative and cost-effective services to our fellow Indians.”