Vijay Shekhar Sharma,Paytm CEO said that the company believe that whatever money comes in the market, offline will remain bigger transaction category than online for Paytm. Speaking to BusinessLine Paytm CEO said that, Paytm Payments Bank will start operations next week.
Paytm Payments Bank Ltd got a final approval from the RBI last month to operate a payments bank in the country. Currently Payments Bank can accept limited deposits upto ₹1 lakh per customer. Also as per RBI guidelines Paytm Payments Bank can’t issue loans and credit cards. Bank can only can issue general public services such as ATM cards, debit cards, online and mobile banking.
Paytm CEO said in talk to BTVi, “We want to expand the network across the country. We want to expand this to deposits and current accounts. I think 2017 will be the year for us to expand into banking. We have to build distribution, reach and customer base.”
Reportedly Paytm targets to reach 500 million customer base by 2020.
In talks with CNBC-TV18 Vijay Shekhar Sharma said that, “I believe that decline of 20-30 percent will there post March 13 when RBI decided to remove all limits on cash withdrawal.”
Paytm Payments Bank will be in direct competition with Airtel and India Post, who launched their operations recently. As per the reports Fino Paytech, National Securities Depository and Reliance are also in queue to launch their respective banks.