Paytm is one of less than a dozen entities that got the RBI licence to start payments banks. Photo: BloombergBangalore: Paytm Payments Bank is targeting to become the world’s largest digital bank with 500 million bank accounts and aims to turn into an integrated financial services company that offers everything from wealth management to share trading. Paytm Payments Bank is majority-owned by Sharma and One97 Communications, in which Alibaba Group Holding and Ant Financial collectively hold 49% stake. “Buying insurance and investing through our wealth management products will become widely accessible through the payments bank,” said Sharma. Indian consumers are not entirely comfortable with digital financial startups either.

Source: Mint November 28, 2017 13:32 UTC