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Paytm to launch its own digital bank

Wednesday 4 January 2017 | 10:15 AM CET

Paytm has announced that it has formally received permission from the Reserve Bank of India (RBI) to launch a digital bank.

Paytm didn`t provide a timeframe for the launch, but local media reported the bank could be introduced in just 30-60 days.

Paytm says that, rather than disrupting the status quo, they want to make banking more accessible. More than that, Paytm will work with traditional banks “to offer loans for lending and share data.”  Paytm Payments Bank positioned itself as a more user-friendly option for new customers, much like a friendlier funnel for customers, with a particular focus on modernizing the passbook and other systems for the digital era.

According to the company, the main goal is to support half a billion people in India. Paytm is reportedly initially targeting 200 million banking and mobile wallet accounts within the next year.

Additionally, Paytm isn`t the only one moving towards digital banking in India. The company is one of 11 entities to be granted the RBI license while operator Airtel launched a digital bank trial back in November, reports TechCrunch.

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