Paytm’s parent One97 Communications and its founder and CEO Vijay Shekhar Sharma have infused Rs 122 crore into Paytm Payments Bank, reports Times of India. The publication said that development was found in the ministry of corporate affairs’ filings. With the latest fund infusion, the total capital allocation now stands at Rs 400 crore. According to the filing, Sharma has invested Rs 62 crore in his personal capacity, the rest of the 60 crore comes from the parent.
Paytm Payments bank received its license from the RBI in January earlier this year, and commenced operations on May 23. Vijay Sharma is the licensee for the bank itself. He owns 51% stake in the company, while the rest is owned by One97 Communications.
There are 11 functional payments banks (PB) in the country currently. At the end of September 30, four of these PBs had demand deposits (money in savings and current accounts) of Rs 236.45 crore. Airtel Payments Bank had the highest number of deposits with Rs 224.03 crore, with around 20 million accounts.
Paytm Payments banks highlights
Paytm Payments Bank recently appointed a former ICICI Bank executive Sudhanshu Jain as its new CFO, reported Livemint. According to the report, Paytm Payments Bank aims at 200 million accounts by May, 2018. As per the company’s blog, it reported 10 million accounts at the end of September 30, 2017. ToI writes in its report that Paytm will be investing $500 million in KYC operations and customer acquisitions to reach its goal in next three years.