Paytm Payments Bank, which reported losses of Rs 30 crore in its first seven months of operation till March 2017 on the back of revenues of Rs 2.47 crore, plans to launch full set of financial services including wealth management, lending in partnerships and payments along with deposits offering by end of FY18, Renu Satti, MD and CEO, has told FE. Satti added that more than 10 million customers have already signed up for a bank account with the company as part of its beta launch. “Money kept in your Paytm Payments Bank account along with its wealth management solutions can give returns from 4% to 6%. That means you are not only getting the best experience of wallet but also returns on the money in the savings account. This allows us to provide a better solutions to consumer,” added Satti.
Moreover with the Reserve Bank of India introducing stricter know-your-customer (KYC) rules for all mobile wallets early this month, as part of its new prepaid payment instruments (PPI) guidelines, Paytm claims that it will invest $500 million into know-your-customer (KYC) operations. “Our teams are aggressively working to make our existing customer-base KYC-enabled. We have a current workforce of 10,000 and are hiring an additional 10,000 for large-scale KYC operations. We are also getting ready with more than 1 lakh banking outlets and KYC points to expand our network across the country,” explained Satti. At the same time, Paytm Payments Bank is also working towards expanding its reach as it plans to set up 31 branches, 33 controlling offices and 3,000 access points by March 31, 2018.