Paytm: McKinsey & Co are advising Paytm for the banking foray.
Paytm aims for summer rollout of payment bank
Bank head may come from consulting sector, HQ in Noida
Paytm, the digital wallet and e-commerce company, is looking at a summer launch this year. 'Project Pokhran', as the company calls its payments bank project internally, is in full swing to hire professionals and set up offices for the new business. EY (earlier Ernst & Young) and McKinsey & Co are advising Paytm for the banking foray.
Vijay Shekhar Sharma, founder and chief executive of One97 Communication that runs Paytm, is one of the 11 to get permission from the Reserve Bank of India (RBI) last year to open payments bank. It is learnt that the RBI is fine-tuning its own systems for the new stream of business before the companies can take off.
Paytm, which had wanted to roll out its bank by April 2016, may now launch a few months later than that once the RBI gives its go-ahead, a source said. A few other companies are also believed to be ready for launch but will wait at least till summer. Sharma refused to comment on the timing of the launch. He had earlier said that an investment of Rs 1,200 crore was planned by his group for a three-year period for the bank.
Source:Business-standard
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