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Indian digital payments firm Paytm launches niche payments bank
May 23, 2017 / 2:46 AM / 7 months ago

Indian digital payments firm Paytm launches niche payments bank

MUMBAI, May 23 (Reuters) - Indian digital payments firm Paytm launched a niche payments bank on Tuesday, aiming to acquire 500 million customers in the next three years, the company said in a statement.

Paytm, which runs India’s biggest electronic wallet, said it will offer an interest rate of 4 percent per annum on deposits.

The Paytm Payments Bank aims to open 31 branches and 3,000 customer service points in its first year of operations, the company said.

A payments bank is an institution that can take deposits and remittances but cannot lend. (Reporting by Sankalp Phartiyal; Editing by Sunil Nair)

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