Paytm to Transfer Wallet Business to Payments Bank

Toll Free No. 18003157801

Paytm to transfer wallet business to payments bank

Noida based Paytm will hive off its wallet business to the recently-incorporated Paytm Payments Bank Limited (PPBL) after receipt of essential RBI approvals. E-commerce business will be run by a separate entity.

The corporation had incorporated a new company called Paytm E-commerce Pvt Ltd for its marketplace business in August, this year.

Toll Free No. 18003157801 Prior to the hive off, both businesses were being run by One97 Communications Pvt Limited — Paytm brand’s holding corporation.

RBI had a year ago approved an 'in-principle payments bank licence' 11 entities including to Vijay Shekhar Sharma, founder of One97 Communications.

About 11 entities have received the licence including Airtel , Vodafone, Department of Posts, RIL and Aditya Birla Nuvo Ltd .

Sharma as a result holds a 51 percent share in the payments bank, with the rest owned by One97 Communications Pvt Ltd. He has personally made a Rs 112 crore investment for his majority stake in Paytm Payments Bank.

Airtel has already launched its payments bank ahead of Paytm Payments Bank, which yet to receive the final RBI nod.

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