Paytm gets RBI approval for payments bank

January 3, 2017

New Delhi, Jan 3: Paytm today said it has received final approval of the Reserve Bank to formally launch its payments bank and it expects to start operations next month.

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Payments banks can accept deposits from individuals and small businesses up to Rs 1 lakh per account.

"Today, Reserve Bank of India gave permission to formally launch Paytm Payments Bank. We can't wait to bring it in front of you," Vijay Shekhar Sharma, founder of One97 Communications, said in a blogpost.

"No other role or responsibility means as much to me as the privilege of building Paytm Payments Bank, and I intend to take a full-time executive role in the Bank," Sharma said further.

He added that at Paytm Payments Bank, the aim is to build a new business model in banking industry, focussed on bringing financial services to hundreds of millions of unserved or underserved Indians.

When contacted, a Paytm spokesperson said the company hopes to launch operations in February with the first branch coming up in Noida, Uttar Pradesh.

Paytm was earlier slated to begin operations around Diwali last year. In 2015, RBI had awarded 'in-principle' approval to Vijay Shekhar Sharma, the founder of One97 Communications, to set up a Payments Bank along with 10 others.

With the objective of deepening financial inclusion, RBI kicked off an era of differentiated banking by allowing SFBs (small finance banks) and PBs (payments banks) to start services. A total of 21 entities were given in-principle nod last year, including 11 for payments banks.

Later, three entities -- Tech Mahindra, Cholamandalam Investment and Finance Company and a consortium of Dilip Shanghvi, IDFC Bank and Telenor Financial Services -- backed out of the payments bank licensing.

Currently, Airtel is the only player that has commenced Payments Bank operations. Aditya Birla Idea Payments Bank is expected to launch services in the first half of 2017.

Sharma will hold the majority share in Paytm Payments Bank, with the rest being held by One97 Communications.

Last month, One97 Communications had restructured its business ahead of the launch of the Payments Bank, merging the wallet business with payments bank operation.

Alibaba Group and its affiliate Ant Financial pumped in USD 680 million into Paytm's parent One97 Communications last year, taking its total shareholding to over 40 per cent in the country's largest mobile wallet operator, Paytm.

However, the Chinese entity will not have a direct shareholding in the payments bank.

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News Network
May 10,2025

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In a significant escalation of hostilities, the Indian Army has reported that Pakistan targeted critical civilian infrastructure, including hospitals and school premises, in Srinagar, Awantipur, and Udhampur. This incident marks a severe breach of international norms, with Pakistan's actions drawing widespread condemnation.

Details of the Attacks

Wing Commander Vyomika Singh, during a press briefing, said that Pakistan's military launched attacks on Indian Army hospitals and educational institutions in these regions. The targeted facilities are located within or near military airbases, raising concerns about the deliberate targeting of civilian infrastructure. The attacks have resulted in significant damage to these establishments, though specific casualty figures are yet to be confirmed.

Indian Army's Response

The Indian Army has termed these actions as "unacceptable" and a direct violation of international humanitarian law. In retaliation, India has initiated "Operation Sindoor," a series of strikes targeting Pakistani military bases and terrorist infrastructure. The operation aims to dismantle terror networks operating from across the border and to send a strong message against such provocations.

The international community has expressed grave concern over the escalation. The United Nations has called for maximum restraint from both nations to prevent further deterioration of the situation. Countries like the United States, Russia, and China have urged India and Pakistan to engage in dialogue and de-escalate tensions.

As of now, the situation remains tense. Both nations have mobilized additional troops along the Line of Control (LoC), and airspace in the affected regions has been restricted. Civilians in the targeted areas have been advised to stay indoors, and emergency services are on high alert to respond to any further incidents.

This development marks a significant turning point in the ongoing India-Pakistan tensions, with the targeting of civilian infrastructure raising the stakes of the conflict. The coming days will be crucial in determining the trajectory of relations between the two nuclear-armed neighbors.

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News Network
May 14,2025

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Jabalpur: The Madhya Pradesh High Court on Wednesday ordered registration of an FIR against state minister Vijay Shah for his controversial remarks targeted at Colonel Sofia Qureshi.

Colonel Qureshi had conducted regular press briefings, sharing details of the 'Operation Sindoor' launched by Indian armed forces to strike terrorists, joined by Foreign Secretary Vikram Misri and Wing Commander Vyomika Singh Shah.

The tribal affairs minister and BJP leader, sparked a major controversy with objectionable comments that appeared to be directed at Colonel Qureshi, whom he tried to project as a "sister of terrorists".

Taking suo motu cognisance of the controversial statement, the high court's division bench of Justices Atul Shridharan and Anuradha Shukla ordered the police to register a first information report (FIR) against the minister.

The court directed the police department to file the FIR by 6 pm on Wednesday.

The division bench said the court should be informed about the registration of the FIR.

The next hearing on the petition has been scheduled at 10.30 am on Thursday. A detailed order is awaited.

“Those people (terrorists) who had wiped out the sindoor (vermilion) of our sisters (in the Pahalgam terror attack)... we avenged these people by sending their sister to destroy them. They (terrorists) killed our Hindu brothers. PM Modi ji responded by sending their (terrorists’) sister in an Army plane to strike them in their houses. They (terrorists) made our sisters widows, so Modiji sent the sister of their community to strip them and teach them a lesson”, Mr. Shah said while addressing a gathering in Ramkunda village near Indore.

Shah's remarks drew wide-scale condemnation, with Congress demanding his immediate dismissal from the MP cabinet.

Under severe flak, Shah said if anyone is hurt by his statement, he is ready to apologise 10 times, adding that he respects Colonel Qureshi more than his sister.

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News Network
May 11,2025

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Amid the ongoing border tension with Pakistan, the Punjab Police in India arrested two individuals on espionage charges. They allegedly leaked sensitive information and photographs of Army cantonment areas and Air Bases in Amritsar, said the police on Sunday.

The two persons were identified as Palak Sher Masih and Suraj Masih. They were arrested in a significant counter-espionage operation by the Amritsar Rural Police.

Director General of Police Gaurav Yadav wrote on X, "Malerkotla Police apprehends two individuals for their alleged involvement in espionage activities linked to a Pakistani official posted at the High Commission, New Delhi.

"Acting on credible intelligence, one suspect was arrested for leaking sensitive information regarding Indian Army movements to a Pakistan-based handler. Based on disclosures made during interrogation, a second conduit was also identified and taken into custody.

"Preliminary investigation reveals that the accused had been receiving payments through online transactions in exchange for classified information. They were in frequent contact with the handler and were involved in channeling funds to other local operatives as per his instructions. Two mobile phones have been recovered, and an FIR has been registered."

The police said further investigation will be undertaken as per established protocol, with a focus on tracing the financial trail and identifying additional operatives and linkages within the network.

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