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  Business   Companies  23 May 2017  Paytm Payments Bank starts, eyes 500 mn customers

Paytm Payments Bank starts, eyes 500 mn customers

REUTERS
Published : May 23, 2017, 11:00 am IST
Updated : May 23, 2017, 11:33 am IST

Paytm Payments Bank aims to open 31 branches and 3,000 customer service points in its first year.

Paytm Founder and Chief Executive Vijay Shekhar Sharma (Photo: Youtube screengrab)
 Paytm Founder and Chief Executive Vijay Shekhar Sharma (Photo: Youtube screengrab)

Mumbai: Indian digital payments firm Paytm launched a niche payments bank on Tuesday, aiming to acquire 500 million customers in the next three years, the company said in a statement.

Paytm, which runs India's biggest electronic wallet, said it will offer an interest rate of 4 percent per annum on deposits.

The Paytm Payments Bank aims to open 31 branches and 3,000 customer service points in its first year of operations, the company said.

A payments bank is an institution that can take deposits and remittances but cannot lend.

Tags: paytm, paytm payments bank, digital wallet, digital payments
Location: India, Maharashtra, Mumbai (Bombay)