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Paytm to merge its wallet service with payments bank

December 05, 2016
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One 97 Communications, the parent company of digital payments provider Paytm, has informed that it will merge its wallet service with the payments bank in line with the directions issued by the Reserve Bank of India (RBI). Meanwhile, the company will separate the e-commerce and payments businesses by creating a new arm. The new unit will handle all of the firm’s payments businesses, including the Paytm wallet, while the e-commerce business will continue to remain under One97 Communications.

RBI had issued an in-principle payments bank licence to Vijay Shekhar Sharma, the chief executive officer of One97 Communications in 2015. The Paytm Payments Bank is in the process of obtaining the final licence from RBI to start operations. The company has said that Sharma will hold 51 per cent stake in the payments bank while One97 Communications will hold the rest.

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