Jan 7: The Paytm Payments Bank Ltd has received approval from the Reserve Bank of India, post which it has recommenced Know Your Customer (KYC) process and has started adding new customers. In June 2018, RBI sent an audit to the bank after it analyzed the bank’s KYC processes. The bank was asked to stop onboarding customers after this.
Renu Satti, CEO of the company, had resigned from her post in July 2018. In October, the company appointed Satish Gupta, an expert banker as CEO and managing director.
PPBL has issued a statement that it got the formal approval of RBI to restart adding new customers from December 31, 2018. Resumption of the KYC process as well as the wallet customers have also been allowed to begin on the same day.
In the statement, PPBL announced that its potential customers will be able to open savings and current accounts in the venture. A deposit of up to Rs 1 lakh can be accepted by the payment banks per account from individual or small businesses. By the end of the year 2019, a PPBL aims at an additional customer count of 100 million.
Satish Gupta has been quoted as saying that the bank’s mission is to take banking services to all the people. He also added that the company’s aim is to speed up digital adoption and make more people familiar to the touch-of-a-button experience.
In 2017 Paytm began with its payments bank operations. Vijay Shekhar Sharma, founder of Paytm holds the majority share in PPBL. The rest is held by One97 Communications which is owned by Alibaba. It does not have a direct share hold in the bank.