Paytm announced in May 2016 that the services rollout will take place in August 2016. Explaining the deferred timeline, the company representatives said Paytm is trying to get a handle on newer issues in the run-up to the launch. The company looks for different ways to solve problems like data connectivity and biometric authentication.
The Noida-based digital payment firm Paytm had won the payments bank licence from the Reserve Bank in 2015. Payments bank can accept demand and savings bank deposits from individuals and small businesses, up to a maximum of Rs 1 lakh per account.
The Paytm Payments Bank will be headquartered in Noida and kick off its services from east and north to begin with. As part of the payments bank launch preparations, the company executives have criss-crossed India to get a sense of how the poor look at technology to solve their problems, according to business-standard.com.
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