Moneycontrol Bureau
Noida based Paytm will transfer its wallet business to the newly-incorporated Paytm Payments Bank Limited (PPBL) after receipt of necessary RBI approvals, the company said in a statement to a few national dailies this week.
The company had incorporated a new company called Paytm E-commerce Pvt Ltd for its marketplace business in August, this year.
Prior to the hive off, both businesses were being run by One97 Communications Pvt Limited — Paytm brand’s holding company.
RBI had last year granted an 'in-principle payments bank licence' 11 entities including to Vijay Shekhar Sharma, founder of One97 Communications.
About 11 entities have received the licence including Airtel, Vodafone, Department of Posts, RIL and Aditya Birla Nuvo Ltd.
Sharma as a result holds a 51 percent share in the payments bank, with the rest owned by One97 Communications Pvt Ltd.
Sharma told, in an earlier interview with The Economic Times, had said that he has personally made a Rs 112 crore investment for his majority stake in Paytm Payments Bank.
Airtel has already launched its payments bank ahead of Paytm Payments Bank, which yet to receive the final RBI nod.
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