Mumbai: Kolkata-based microfinance company Arohan Financial Services Ltd is exploring a partnership with Paytm, which is in the process of converting to a payments bank from a mobile wallet. Arohan proposes to work as a business correspondent for the payments bank, disbursing and collecting money through merchants across the country. “The thought process is that when they convert into a payments bank, all these mobile wallet (accounts) will convert into saving accounts. We are optimizing payments bank liability and most important their reach since merchants will become cash-in, cash-out points,” said Manoj Kumar Nambiar, managing director of Arohan. ALSO READ: Paytm Payments Bank receives final approval from RBIPaytm Payments Bank is held 51% by Vijay Shekhar Sharma and 49% by One97 Communications Pvt.

Source: Mint January 17, 2017 16:52 UTC