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Paytm aims to open payments bank in October

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Paytm aims to open payments bank in October

Paytm is aiming to begin operations at its planned paymentsbank in October, the Press Trust of India reported July 10, citing the paymentbank's CEO, Shinjini Kumar.

The Indian online payment platform is preparing a budget ofbetween 3.5 billion rupees and 5 billion rupees to roll out Paytm PaymentsBank, Kumar said. Kumar added that Paytm is looking to launch the payments bankbefore Diwali, which takes place Oct. 30.

Vijay Shekhar Sharma, CEO of Paytm, previously said PaytmPayments Bank would begin operations in August. In regard to the delayedlaunch, Kumar said the company has encountered newer issues as the launchapproaches and problems such as data connectivity and biometric authenticationstill have to be solved.

Sharma had obtained a payments bank license under his namewhen the Reserve Bank of India granted in-principle approval to 11 applicants in August2015.

As of July 11, US$1was equivalent to 67.10 Indian rupees.