It was last month when Paytm the digital payments company got the final approval from the Reserve Bank of India to run and operate payments bank in the country. So it was evident that the company would soon announce the commencement of the service.
And while we were anticipating the company to make the move, yesterday, Paytm founder Vijay Shekhar Sharma announced that the company is commercially launching the payments bank on February 21.
However, no information was provided as to where the service would be launched. It has been speculated that the roll out will begin from Uttar Pradesh and the company will then expand the operations to the North-East in the first phase with 1 lakh banking officials.
On a similar note, Sharma has told BTVi, "We want to expand the network across the country and increase the penetration. We want to expand this to deposits and current accounts. I think 2017 will be the year for us to expand into banking. We have to build distribution, reach and customer base."
Well, with the launch of this service Paytm might be competing with rivals such as Airtel and India Post who have already launched their operations and have been pushing it through massive advertisements and campaigns.