wordpress blog stats
Connect with us

Hi, what are you looking for?

Paytm Payments Bank gets infusion of Rs 122 crore: Report

paytm

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.

Advertisement. Scroll to continue reading.
Written By

Writes about e-commerce, social media, tech and Internet ecosystem.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

India's IT Rules mandate a GAC to address user 'grievances' , but is re-instatement of content removed by a platform a power it should...

News

There is a need for reconceptualizing personal, non-personal data and the concept of privacy itself for regulators to effectively protect data

News

Existing consumer protection regulations are not sufficient to cover the extent of protection that a crypto-investor would require.

News

The Delhi High Court should quash the government's order to block Tanul Thakur's website in light of the Shreya Singhal verdict by the Supreme...

News

Releasing the policy is akin to putting the proverbial 'cart before the horse'.

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ