Reserve bank of India approved Paytm’s Payment bank In a time of currency problems all over India online transaction and wallets app like Paytm helped Indian to purchase items using Paytm money. Paytm is planning to make the paytm payment bank as a new era in banking.
With the approval of RBI for Paytm it has become one of 11 payment bank that is approved by the RBI. Airtel was the first payment bank which was launched in November. The founder Vijay Shekhar Sharma through his twitter announced that they are planning to do a full time executive role in bringing Paytm payment bank to the front line.
Paytm recently announced about using UPI channel to recharge the Paytm wallets. This facilty allowed user to recharge the wallet using BHIM app instantly. This facility also allowed the user to keep the money in the wallet and didn’t had to transfer in to bank accounts. Payment bank is actually a bridge between prepaid wallets and normal bank accounts. This will help the users to use the cash in bank with the wallets. This facility will help the poor people during these times. The Payment bank will dig deep in to India’s villages. The launch was planned dring diwali but it doesn’t happened due to some technical issues. “At Paytm Payment bank, our aim is to build build a new business model in banking industry, focussed on bringing financial services to 100’s of millions of un-served or underserved Indians”. This was the tweet that was made by Vijay Shekhar Sharma the founder of Paytm.