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Paytm launches payments bank

One of the accused allegedly bought high-end phones within a span of seven days. In photo: The logo of Paytm -- a $500 billion company. (Image courtesy: Flickr) Photograph: (Others)

Reuters Mumbai, Maharashtra, India May 23, 2017, 03.04 AM (IST)

Indian digital payments firm Paytm launched a niche payments bank on Tuesday, aiming to acquire 500 million customers in the next three years, the company said in a statement.

Paytm, which runs India's biggest electronic wallet, said it will offer an interest rate of 4 per cent per annum on deposits.

The Paytm Payments Bank aims to open 31 branches and 3,000 customer service points in its first year of operations, the company said.

A payments bank is an institution that can take deposits and remittances but cannot lend.

(Reuters)

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