Paytm Payments Bank resumes KYC process after RBI gives its nod

Chennai: Immediately after receiving a formal nod from the Reserve Bank of India, Paytm Payments Bank Ltd (PPBL) has said it has resumed its know your customer (KYC) process as well as onboarding of new customers.

“PPBL has received a formal nod from the RBI to start onboarding new customers while resuming KYC for the bank as well as wallet customers starting from 31 December 2018,” PPBL said in its latest statement.

The statement added that potential customers would now be able to open their savings or current account with PPBL. Payments banks can accept deposits from individuals and small businesses up to Rs 1 lakh per account. PPBL aims to acquire 100 million additional customers by the end of 2019, the statement said.

“PBBL is on a mission to facilitate the last-mile delivery of banking services to each and every Indian. It also envisions catalysing the digital adoption and acquainting more people with the touch-of-a-button experience,” said MD and CEO, PPBL, Satish Gupta.

Paytm commenced its payments bank operations 2017. In June last year, PPBL was asked to stop adding new customers after the apex bank made some observations about the bank’s KYC processes having conducted an audit.

Subsequently, the CEO of PPBL, Renu Satti, resigned from her position in July and went on to head Paytm’s retail initiative. By October, the bank roped in veteran banker Satish Gupta to head its operations.

Paytm founder Vijay Shekhar Sharma holds the majority share in PPBL, with the rest being held by Alibaba-backed One97 Communications. However, the Chinese entity does not have a direct shareholding in the payments bank.

NT Bureau