Vijay Shekhar Sharma and Paytm’s parent company One97 Communications have infused Rs. 60 crore more into the Paytm Payments Bank. With Sharma owning the majority stake in the bank, Sharma and One97 had earlier invested about 220 crore in the payments bank.
Sharma has invested Rs. 30 crores in this tranche, while One97 Communications has put in Rs.23 crore. According to documents with the Registrar of Companies as per research platform Tofler, the rest has come from One97 Communications India, a subsidiary of One97. The shares were allotted on August 1, according to the documents.The new allotment brings the
The new allotment brings the authorized capital of the bank to Rs.400 crore and the paid up capital of a Rs.278 crore.
The Paytm Payment Bank was unveiled in May 2017, becoming the third payments bank in the country, after Airtel and India Post.
It offers customers a 4 percent annual interest rate which the lowest among the three payments banks that is, Airtel offers about 7.3 percent interest and India Post about 5.5 percent annually.
Having branch in Noida, Payment Bank had said that it will expand to 31 branches and 3,000 customer service points in the first year. The bank is focused on driving financial inclusion with a target of opening 500 million bank accounts by 2020.
The Paytm Payments Bank aims to build a new business model in the banking industry that is focused on bringing financial services to hundreds of millions of unserved or underserved consumers across India.
The company is aiming to replicate this success in the banking sector and further drive cashless transactions with the Paytm Payments Bank. The current Paytm Wallet will move to the Paytm Payments Bank in the same capacity, i.e. KYC Wallet as KYC Wallet and minimum detail KYC Wallet as minimum detail KYC Wallet. Users will continue to be able to use their Paytm Wallet in the same manner as before.
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