The Paytm head says that Paytm payment bank is supposed to launch soon by end of January 2017. The company has already submitted its proposal to RBI and it has been approved by bank as well. The company has to follow strict guidelines to get payment bank license. In start, only few facilities are given to any new bank then they can be extended as per bank performance.
For example, Paytm bank could have current or saving accounts for amount one lacs only. They cannot lend any credit card or loans to customers as of now. Initially, the bank was supposed to launch by April but schedule has been revised up to January 2017.
Paytm is in final stage to complete all the formalities with RBI and final application will be hand over to Company. The network banking would operate differently and there are only few branches to work in start. There are only few branches in major cities that would work as headquarters.
This would be a joint event with Uber, Alipay, Paytm. This bank would work best with Paytm app and customers would be able to make payments without any data connection as well. Customers just have to enter OTP, scan barcode or enter Paytm coupon code to complete any transaction online.
Paytm coupon code will give extra discount on your transaction while barcode or OTP will validate the transaction. This special facility can be used at multiple places like Small stores, petrol pumps, grocery shops, etc.
This app would work at the places where internet connection is not available at all. It is expected that more than 500 million users would join Paytm Bank by end of 2020. This would be a perfect launch of the year and millions of eyes are waiting for this amazing update soon.
