Digital payments firm Paytm is in the final stages of approval ahead of the launch of its payments bank. The company now has its strategy and technology in place but is awaiting a final nod from the Reserve Bank of India (RBI) before it finalizes its launch date, said Vijay Shekhar Sharma, founder of Paytm. Sharma had earlier hinted at a Diwali launch for the payment bank.
Paytm was one of 11 firms to be given an in-principle nod to start a payment bank in August 2015. Since then, three have dropped out. Those who received in-principle approval had 18 months to launch their payment banks.
Paytm intends to launch a differentiated product which will have wealth management built in along with the savings bank accounts, said Sharma. He spoke on the sidelines of the India Retail Forum.
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