New Delhi: Paytm Payments Bank has obtained the central bank’s approval to function as a scheduled payment bank, he said on Thursday, helping it to expand its financial services operations.
As scheduled payment banks, paytm payments can participate in government requests and companies for proposals, main auctions, fixed and variable level repos, and reverse repos, along with participation in marginal stand facilities.
It will also be eligible to be a partner in the financial inclusion scheme managed by the government.
Stocks in one 97 communication ended 2.6% higher in the wider Mumbai market which rose 0.3%.
Paytm Founder and Billionaire Vijay Shankhar Sharma have 51% paytm payment bank, while the rest is held by one 97 communication Ltd.
Paytm Payment Bank, Bank Niche aimed at widening financial inclusion, still cannot lend or issue its own credit card.
It has more than 64 million savings accounts and more than 52 billion Indian rupees ($ 688.5 million) deposits, including savings accounts, demand deposits and deposits with partner banks at the end of March this year.
($ 1 = 75,5300 Indian rupees)