Mobile payments and e-commerce company Paytm will be pumping in Rs 350 crore into its payments bank division for developing its technology and build physical branches in rural areas, The Economic Times reported. Chief executive of the company’s payments bank business, Shinjini Kumar, told the publication that it is not looking to open too many branches at the moment and Rs 350 crore will be enough to start with. "We have got separate solutions to address urban and rural consumers as both have different sets of challenges,” The Economic Times quoted Kumar as saying. Interestingly, Paytm had borrowed close to Rs 300 crore from private sector lender ICICI Bank in working capital loans in March 2016. At the time, Paytm CEO Vijay Shekhar Sharma said that this was for treasury management and that the company was adequately funded. The Reserve Bank of India had permitted 11 companies including Paytm in 2015 to start payments banks services. These banks don’t provide the full range of services like full-fledged banks. For instance, they are allowed to accept deposits, issue ATM and debit cards, set up branches and banking correspondents but they cannot lend money or issue credit cards. The launch of Paytm’s payments bank has been pushed back many times but Kumar said that it is likely to be launched by the end of this year during the festive season of Diwali. In June, the company had announced that it has partnered with Infosys to use its Finacle technology for its payments bank.…
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