in

Paytm Payments Bank Gets RBI’s Approval For Scheduled Bank Status

One 97 Communications’ stock finished 2.6 percent higher in a 0.3 percent higher Mumbai market

Paytm Payments Bank

The Reserve Bank of India (RBI) has approved Paytm Payments Bank to operate as a scheduled payments bank, the company announced on Thursday, allowing it to extend its financial services operations.

Paytm Payments, as a scheduled payments bank, can participate in government and company RFPs, main auctions, fixed-rate and variable-rate repos, and reverse repos, as well as the Marginal Standing Facility.

It will also be able to participate in government-sponsored financial inclusion programmes.

One 97 Communications’ stock finished 2.6 percent higher in a 0.3 percent higher Mumbai market.

Vijay Shekhar Sharma, the creator of Paytm and a billionaire, owns 51% of Paytm Payments Bank, while One 97 Communications Limited owns the balance.

What do you think?

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

Loading…

0

Shiprocket inks an agreement for USD 185 million in Series E funding

IPO Bound Metro Brands Raises Rs 410 Crore From Anchor Investors