Wipro will implement banking solutions for Paytm, which is 40% owned by Alibaba, ibsintelligence.com reports. It will also put in place and manage data centres. Paytm is one of 11 applicants to receive approval from the Reserve Bank of India to set up a payments bank.
Payments banks can accept deposits from individuals and SMEs of up to USD 1.506,99 (INR 100.000), but they cannot lend money. They can also sell mutual funds, insurance and pension products as well as facilitate payments and remittances with a focus on the unbanked market.
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