News Digest

05 December 2017
Paytm Payments Bank commits Rs3,000 crore for offl

Paytm Payments Bank will invest Rs3,000 crore to create a network of more than 100,000 consumer banking touch points over three years, it said on Monday. The payments bank is inviting retail stores and mom-and-pop businesses to become its local banking partners, which will be capable of accepting deposits, allowing withdrawals and taking in requests for new savings bank accounts. Paytm Payments Bank “has committed Rs3,000 crore over the next three years to expand offline distribution network by allowing trusted local partners to act as potential cash-in and cash-out points,” it said in a statement. “These specially branded outlets will play a key role in bringing banking access to smaller cities and towns by ensuring customers find it easy to locate points near them.”

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