Mobile wallet company Paytm is likely to miss the Diwali target for commercial launch of its payments bank as it is still awaiting the final clearance from the Reserve Bank of India (RBI).
“We’re awaiting the final application approval from RBI. We have everything ready. As soon as the approval comes, we will do a ‘beta’ launch of the bank, which is within the company. By the end of the year, we will have a commercial launch of the payments bank,” Vijay Shekhar Sharma, founder and chief executive officer of Paytm, told Business Standard in a telephone interview.
Paytm has shifted its deadline for opening its payments bank thrice since April. Sharma, who has got the licence in his name, is expecting the launch by the year-end.
Paytm, which was among the 11 recipients of payments bank licence, plans to start the project with an initial capital of Rs 300 crore. After the initial euphoria, three out of the 11 recipients withdrew their applications. However, Paytm hopes to make it one of the biggest businesses in its portfolio and the second largest revenue earner after wallets.
“We’re awaiting the final application approval from RBI. We have everything ready. As soon as the approval comes, we will do a ‘beta’ launch of the bank, which is within the company. By the end of the year, we will have a commercial launch of the payments bank,” Vijay Shekhar Sharma, founder and chief executive officer of Paytm, told Business Standard in a telephone interview.
Paytm has shifted its deadline for opening its payments bank thrice since April. Sharma, who has got the licence in his name, is expecting the launch by the year-end.
Paytm, which was among the 11 recipients of payments bank licence, plans to start the project with an initial capital of Rs 300 crore. After the initial euphoria, three out of the 11 recipients withdrew their applications. However, Paytm hopes to make it one of the biggest businesses in its portfolio and the second largest revenue earner after wallets.
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