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Paytm Payments Bank to Partner Full Service Banks to Offer Loans, Credit Cards, and More

Paytm Payments Bank to Partner Full-Service Banks to Offer Loans, Credit Cards, and More k3v5d

By Reuters | Updated: 31 August 2017 18:21 IST

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Paytm Payments Bank is in talks to partner with full-service banks to offer services such as loans and term deposits which it cannot do on its own due to regulatory restrictions, its chief executive told Reuters. 1qu5y

Payments banks are niche banks that were allowed by the Reserve Bank of India in a bid to expand access to financial services in Asia's third-largest economy where millions don't have a bank .

The payments banks can take savings deposits and remittances but are not permitted to lend.

"Anything which we cannot offer, we will be partnering with the banks. Whether it's going to be a loan, or a credit card, or a term deposit, and other services," said Renu Satti, CEO of Paytm Payments Bank, which launched in late May.

Satti said the payments bank was looking to partner with several banks, which he did not name, for different services including loans to consumers and smaller companies.

Paytm Payments Bank Open to All With Paytm v6.0.0 App Update

Paytm Payments Bank, majority owned by Vijay Shekhar Sharma, a billionaire, houses about 250 million electronic payment wallets and is the market leader in that segment.

Sharma founded One97 Communications, which now counts Flipkart.

Reliance Industries, controlled by India's richest man Mukesh Ambani, and the country's top three phone carriers, are among others who won permits for payments banks.

Disclosure: Paytm's parent company One97 is an investor in Gadgets 360.

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