Paytm becomes payment bank

Mumbai MAY 19: A good news for paytm users.Paytm will launch its payments bank on May 23. The Company officials said that we have received approval from RBI and we will soon launch our bank.The Company has replaced their Cheif Executive Officer. Renu Satti will be the new CEO and the current officer has quit.As per Reserve Bank of India guidelines, a payments bank can carry out most banking operations but it has no permission to give out loans or issue credit cards. The company has also shifted their headquarters to Noida from Mumbai. Online mobile wallet company was expected to launch the bank this January but was delayed because Indias bank controller has delayed the license. Sources say that the payments bank will be launch in Uttar Pradesh (UP) first and then expand to the northeast.Finally, the company staff is very happy because they have gained hugely from demonetization and they expect that the launch of the bank would expand its customer base.