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Paytm eyes to create world’s largest digital bank with its Payments Bank



Paytm eyes to create world’s largest digital bank with its Payments Bank

[vc_row][vc_column][vc_column_text]Paytm Payments Bank aims to bring 500 million Indians into ‘mainstream economy’, offers zero-balance account, free IMPS, NEFT, RTGS, UPI transactions

Digital transactions major Paytm, on Tuesday, launched the Paytm Payments Bank – India’s first ‘mobile bank’ – and claimed that it hopes to become the world’s largest digital bank with at least 500 million accounts by 2020. The online financial service provider also announced a slew of lucrative offers for customers who wish to transact through the Paytm Payments Bank.

The country’s first digital bank was inaugurated by Union finance minister Arun Jaitley inaugurated at an event in Delhi. Paytm, which has seen an unprecedented surge in its business and the personal fortunes of its founder, Vijay Shekhar Sharma, ever since Prime Minister Narendra Modi stunned the nation with his demonetisation move last year and forced Indians to switch to a digital, cashless economy, has claimed that its motto now is to build a new business model in the banking sector.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_raw_html]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[/vc_raw_html][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]After the launch of the online banking service, Paytm founder and CEO Vijay Shekhar Sharma said, “We are unveiling our money market fund, launching our debit card and we’ll have the capabilities to allow enterprises to open business accounts. Digital payments was our entry point, we want to become a vertically-integrated financial services company.”

Speaking about Paytm’s goal of achieving 500 million Indian customers within two years, Sharma said: “It’s a moon shot target. It’s not worth aiming something lesser than that and I do believe that the number of resources and investments and the team that we are chasing we should be able to achieve 500 million customers for our Paytm Payments Bank.”

To help its customers in being eligible to access a Paytm Payments Bank account, Paytm is planning to invest around USD 500 million in KYC (Know Your Customer) – and is also planning to set up KYC centers across the country.

Paytm will, predictably, be supported by the government’s financial technology with incentives, initiatives like digital lockers and user authentication based on Aadhaar numbers.

Paytm Payments Banks, besides its offer of zero charges on all online transactions and no minimum balance requirement, will also provide free RuPay digital debit card to every new account holder.

The Paytm CEO said: “India is at a cusp of a financial revolution and demography & access to financial services will create a ton of jobs in the country and Paytm is very proud to be a part of this financial services revolution.”

While Sharma owns the majority share of the digital Payment’s bank, One97 Communications – which is backed by the Alibaba Group Holding Ltd and Jack Ma’s Ant Financial – holds the remaining 49 percent of the share. The new digital bank is made with the company’s revenue from its digital wallet – which clinched over hundred million customers after Narendra Modi-led Central government put a ban on the currency notes of higher denominations.

“We will launch share trading and insurance products very soon. We want to become an internet-age financial services company. Buying insurance and investing through our wealth management products will become widely accessible through the payments bank,” said Sharma.

Key features of the Paytm Payments Bank are:

a)Quick and paperless account opening

b)No extra charges of IMPS, NEFT, RTGS, or UPI

c)Free RuPay digital debit card on opening an account

d)Personalized banking at more than 1,00,000 Paytm ka ATM locations[/vc_column_text][/vc_column][/vc_row]

Latest business news

Rapido to introduce cab services soon

The company intends to introduce Rapido taxis in Delhi-NCR as early as next week, according to sources.




Rapido, the two- and three-wheeler ride-hailing platform with the quickest growth, is getting ready to introduce the taxi service on a wide network shortly. According to reports, Rapido’s planned facility will offer a service comparable to that of Ola and Uber.

According to the report, a daily choice would be made to provide passengers with a flawless travel experience. The brand hasn’t yet disclosed the precise launch information, though.

The company is currently testing out a taxi service in Hyderabad and is receiving positive feedback from users. According to reports, the company is testing the service at an advanced stage and may expand the network to further locations once it receives more positive feedback.

The company intends to introduce Rapido taxis in Delhi-NCR as early as next week, according to sources.

A statement from Rapido that read, the company is thrilled to share that our test run for Rapido Cabs in Hyderabad is off to a fantastic start. The dynamic market of the city has welcomed us with open arms, and the encouraging feedback is quite encouraging. We sincerely hope to expand our cutting-edge services to further cities and are dedicated to keeping you fully updated on our progress as we forge ahead.

Additionally, the article mentioned that Rapido wants to work with Zingbus, a company based in Gurugram, to integrate intercity bus ticketing into its app.

Meanwhile, for the previous eight years, Rapido has been providing bike taxi services. Since its founding in 2015, the organisation has expanded its network to encompass over 100 communities across the country, and it has received overwhelmingly positive feedback. Following its popularity, the brand expanded to include the 3-wheeler category with the same service.

Based on information found on Tracxn, Rapido has raised $324 million in total. Swiggy, an online meal delivery business, spearheaded the company’s $180 million fundraising effort in April of last year.

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India News

BSE Sensex, Nifty fall due to tension in Middle East

The 30 share Bombay Stock exchange fell 407.19 points in the early trade. The Nifty fell 142.7 points. Asian Paints, IndusInd Bank, Titan, Tata steel and State Bank of India were the major stock which lagged behind.



BSE Sensex, Nifty falls due to tension in Middle East

The BSE Sensex, Nifty fell on early trade on Monday as rising tensions in the middle east has set off a risk off in the market. According to market analysts investors preferred to remain on the sidelines and did not take any big risks as Hamas-Israel conflict has caused huge uncertainity for the markets.

The 30 share Bombay Stock exchange fell 407.19 points in the early trade. The Nifty fell 142.7 points. Asian Paints, IndusInd Bank, Titan, Tata steel and State Bank of India were the major stock which lagged behind. But Sun Pharna, Hindustan Unilever, Infosys, Wipro, TCS, Tech Mahindra and HCL technologies did not go according to the market trend and traded in the positive territory.

The BSE had gone up 364.06 points or 0.55 percent to settle at 65,995.63 points on Friday. The Nifty had gone up 107.75 points to settle at 19,653.50. The Hamas-Israel conflict has caused a huge uncertainity in the market. VK VijayaKumar, chief investment strategist at Geojit Financial services said No one knows how this war is going to evolve.

He said the war is not going to cause disruption to the oil supplies, the situation will change if Iran is drawn to the war. As Iran is a major Hamas supporter. Vijayakumar said this can cause disruption in oil supplies which will further lead to increase in crude oil prices. He said it is a time to remain cautious in the market.

The manufacturing data and industrial production for the month of August are going to be announced on October 12. Inflation rate for September will be announced after the Wholesale price index (WPI) data on October 13.The Reserve Bank of India had left its key interest rate unchanged. RBI signaled to keep liquidity tight by using bond sales to bring prices closer to market.

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Latest business news

First look of Air India’s aircraft following changes to the logo and design revealed | See here

Air India uploaded images of its A350 aircraft parked in a paint shop in Toulouse, France, on X, formerly known as Twitter. This winter, the jet will touch down in India.



Air India

Prominent airline Air India posted the first image of its aircraft on Saturday after changing its name, logo, and livery after being acquired by the Tata Group.

Air India uploaded images of its A350 aircraft parked in a paint shop in Toulouse, France, on X, formerly known as Twitter. This winter, the jet will touch down in India.

Here is the majestic A350 in our new livery for the first time, as seen in Toulouse’s paint shop. This winter, our A350s start returning home… @Airbus, tweeted Air India.

As part of its rebranding effort, Air India earlier in August announced its new logo and colour palette.

The new logo, which features a more stylized style and a new colour scheme of red, white, and purple, is a contemporary interpretation of the airline’s well-known Maharaja mascot.

The strong red lettering of Air India is still present in the new colour scheme but is in a different font. Air India is written in white in a red area on the underside of the aircraft as part of the colour scheme.

According to the airline, the new livery and design of the aircraft incorporates a pattern that is inspired by the chakras and a colour scheme of deep red, aubergine, and gold highlights.

The airline’s previous logo, which depicted a red swan embellished with the recognisable orange Konark Chakra, has been replaced.

Tata Sons Chairman N Chandrasekaran stated the new logo signifies limitless possibilities at the time of unveiling it.

In January 2022, Tata Sons bought Air India through Talace Private Limited, an entirely owned subsidiary. Later, it was revealed that Air India and Vistara, a different Tata Sons division, will be combined to form a more cohesive organisation. By March 2024, this merger is expected to be finished.

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