\tA top Paytm executive predicted the company would have 100 million savings customers in India within 12 months, representing a rise of 60 million on its current number, Hindu Business Line reported.<\/p>\n
In an interview with the news publication, Paytm Payments Bank MD and CEO Satish Kumar Gupta said the growth would come from a combination of completely new customers and users of its mobile wallet.<\/p>\n
He added around 260 million people across India had Paytm mobile wallet accounts.<\/p>\n
The ambitious target was unveiled as the company opened its second physical bank branch, in New Delhi. Although it now has retail locations, the service remains primarily mobile-focused with users able to sign-up and manage the whole account through its app.<\/p>\n
Payments banks are regulated by the Reserve Bank of India and are part of a wider Indian government scheme to increase financial inclusion and reduce reliance on physical currency.<\/p>\n
Paytm launched its service in November 2017, but seven months later was ordered to stop recruiting new customers after a Reserve Bank of India audit found it had violated its terms of operation.<\/p>\n
The ban was lifted at the end of 2018 [1], with the company then embarking on a push to recruit new users.<\/p>\n
Last week, rumours emerged [2] parent company One97 was set for a cash injection of up to $2 billion at the completion of a new funding round.<\/p>\n[1] https:\/\/www.mobileworldlive.com\/featured-content\/money-home-banner\/paytm-pushes-payments-bank-after-ban-ends\/
\n[2] https:\/\/www.mobileworldlive.com\/money\/news-money\/paytm-parent-poised-for-huge-cash-injection\/<\/p>\n","protected":false},"excerpt":{"rendered":"
A top Paytm executive predicted the company would have 100 million savings customers in India …<\/p>\n
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