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Paytm payments bank to approach RBI for SFB licence
March 10, 2022
Vijay Shekhar Sharma-promoted Paytm Payments Bank is probably going to apply to the Reserve Bank of India (RBI) for a small money bank (SFB) license by June, as per two individuals aware of the developments.
“I think (the application for SFB permit will be moved) at some point around May-June next financial year,” said one of the sources cited above.
The transition to acquire the SFB permit will be coinciding with the payments bank finishing five years of presence, said the second individual.
“It (Paytm Payments Bank) finishes five years coming financial, and they’re on schedule, it will anticipate applying for a license,” said the individual.
An email sent to Paytm Payments Bank looking for its reaction regarding this situation remained unanswered till the hour of recording this story.
The organization has diagrammed an ambitious plan to enter the lending business with our partners, added the second individual.
“As and when that application is handled and we were to be given a permit we will clearly take a look at what we can do in building an advance business with our partners,” the individual said.
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