|Photo source: Paytm (Facebook Page)|
Payment banks can accept demand deposits and the saving bank deposits from individuals and small businesses, up to a maximum of Rs. 1 lakh/ account. Paytm had received the in-principle approval to set up payment banks in the August of 2015. The new business of Paytm is expected to be rolled out in the second half of 2016, it is expected that Paytm is planning to hire 3000 people for the new wing of their business.
This step is certainly one of its kind association between a Startup and one of the largest MNC’s in the IT sector. Considering the dynamic nature of Paytm and the proven expertise of Wipro to handle large sets of data and regulatory/ accounting mechanisms, this new amalgamation would surely be an interesting thing to watch out for.
Article by Sudhanshu Ghosh