Paytm Payments Bank, which obtained final approval from the Reserve Bank in January, expects to start operations later this month, PayTm founder and CEO Vijay Shekhar Sharma said today.
"If the RBI blesses us, we can have our bank by the end of the month. Banking should be made available to all, the money the client puts is not a liability but an asset," Sharma told the Indian Conclave Today here .
Asserting that banking in the current form is outdated, he said, "Versace suits will not change the banking model. Our payment bank will be built on a new model that will focus on bringing financial services to the hundreds of millions of non-financial services. Served / under-served ".
Sharma said that "the current financial system penalizes a sincere person, but if someone speaks the language of those who are in the passenger aisles, Power, he borrows hundreds of crores and fails to pay, still Arrange to live in London or in those places. "
Sharma expressed the belief that with greater penetration of mobile internet connectivity, your business will grow even more.
Paytm currently has about 21.5 crore subscribers, Sharma said the addition against this SBI has 20.7 subscribers.Paytm does about 20 crore transactions per month, while according to RBI data, all other e-wallets together make 19 crore transactions.
"You can undermine a business but not a technology; it's a tsunami," he said about online payments and smartphones. To further deepen this, we need a better Internet network and telecommunications connections, he added.
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