India's largest mobile wallet app Paytm gets regulatory nod to operate its own Payments Bank

India’s largest mobile wallet service now has its own payments bank.

Paytm announced today it has received regulatory approval from the Reserve Bank of India for launching Paytm Payments Bank, a move that "changes everything" for the company. 

"Our aim is to build a new business model in banking industry, focussed on bringing financial services to 100s of millions of un-served or underserved Indians," said founder and CEO of Paytm, Vijay Shekhar Sharma. 

"With power of technology and innovation-at-scale, we aim to become a benchmark in world of banking," he added, stating his intentions of taking full-time executive role in the Bank.   Read more...