Paytm Payments Bank, launched in May and operating from Noida, offers savings and remittance services with a 4% interest rate on savings accounts. Due to RBI restrictions it cannot lend directly, so it plans to partner with full‑service banks to offer loans and term deposits and is planning a RuPay debit card. The bank aims to open 31 branches and about 3,000 customer service points in its first year and targets opening 500 million bank accounts by 2020. Paytm intends to drive users to the bank from its larger Paytm platform, which it says has 211 million users. The board approved a Rs 60 crore rights issue for existing shareholders, and total capital being put into the payments bank stands at Rs 278 crore. Founder Vijay Shekhar Sharma holds a 51% stake while the remainder is held by One97 Communications (Alibaba‑backed), though the article notes Alibaba does not have a direct shareholding in the payments bank.

Total raised

$9M

Funding rounds

1

Latest round

Equity

Latest activity

Sep 2017