A Delhi-NCR based electronic payment and e-commerce company Paytm and its parent company one97 communications have invested 60 crore more into the Paytm Payments bank. Paytm founder Vijay Shekhar Sharma and one97 communications had earlier invested about Rs 220 crore in the Payments bank.
New allotment brings capital to 400 crore
Sharma has put Rs 30 crore in this tranche, while One97 Communications has put in Rs 23 crore. The rest has originated from One97 Communications India, an auxiliary of One97, as per reports with the Registrar of Companies according to explore stage Tofler. The offers were designated on August 1, as indicated by the archives.
The new allotment brings the authorized capital of the bank to 400 crore and the paid up capital to Rs 278 crore.
Paytm Payments bank
Paytm payments bank was launched in May with a branch in Noida. The company is planning to expand to 31 branches and 3,000 customer service. The bank is planning to drive financial inclusion with a target of opening 500 million bank accounts by 2020.
The bank offers an enthusiasm of 4% for each annum for investment accounts, which is lower than what Airtel and India Post are putting forth. Airtel offers the most elevated loan fees of 7.25%, while India Post is putting forth financing costs in the vicinity of 4.5% and 5.5%.