It was last month when Paytm the digital payments company got the
final approval from the Reserve Bank of India to run and operate
payments bank in the country. So it was evident that the company would
soon announce the commencement of the service. And while we were anticipating the company to make the move,
yesterday, Paytm founder Vijay Shekhar Sharma announced that the company
is commercially launching the payments bank on February 21.
However, no information was provided as to where the service would
be launched. It has been speculated that the roll out will begin from
Uttar Pradesh and the company will then expand the operations to the
North-East in the first phase with 1 lakh banking officials.On a similar note, Sharma has told BTVi, "We want to expand the
network across the country and increase the penetration. 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."
Well, with the launch of this service Paytm might be competing with
rivals such as Airtel and India Post who have already launched their
operations and have been pushing it through massive advertisements and
campaigns.
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