Market leader in the mobile payment sector,
Paytm will launch the next big thing in the financial markets soon and work is on at breakneck speed. 'Project Pokhran', the internal code name for the Payment Bank project is nearly complete. With a team of 20-25 people at present, key positions are also being filled at a fast pace with the appointments of ITC executive Varun Khullar and
Amazon India's Vikas Purohit as heads of partnerships for its Payments bank. The company aims to recruit 3,000 people for the
business and has also enlisted the services of management consulting majors, Ernst & Young and McKinsey & Co to help in the rollout. The Payments bank that will most likely be called, Paytm Payments Bank, will be launched by the end of 2016.
"Payment is one event of a consumer relationship and we can grow this through the deposits," said Vijay Shekhar Sharma, founder of Paytm.
He added that for the initial capitalisation, as per the regulations set by the RBI, Rs.150 cr is required, which they have on the deck already. So the money is in place too.
