Mobile payment service brand Paytm is launching its first ever Payment Bank in August. The bank is likely to open in Noida first & then the rest of the major cities, to start with. In an open statement to the media, a high ranking officer in Paytm, said that company is in the final stages of closing the legalities with RBI.

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• The bank is likely to open in Noida in August. Users can deposit up to 1 lakh in deposits in either savings or current accounts.
• However, the payment bank will not be allowed to issue credits cards or extend a lone. Even so, it has been suggested that Paytm will be tapping the market in a different way.
• By including the mobile app in the daily application of the payment bank, the Paytm Payment Bank will not have any teller customer situations. Further, Paytm has said that they will be launching an initiative to make every shop, petrol pump etc. virtual banks.
• People without smartphones will be issued debit cards with QR codes, in order to pay using their Paytm wallet!

Where: Noida, and then other cities!

Hold on to your hooves, things are gonna be chill! We were also told that Airtel had already opened a payment bank in Rajasthan which proved to be a successful pilot! So, we can only hope that they do the same here in Delhi-NCR!