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RBI finally approves the formal launch of PayTM Payments Bank

Paytm Payments Bank Ltd, an entity majority owned by One97 Communication founder Vijay Shekhar Sharma has received the final approval from the Reserve Bank of India, the company confirmed on Tuesday.
●    Paytm is expecting to roll out its payments bank in the next 30-60 days.
●    Paytm, which is likely to launch with a pilot in parts of Uttar Pradesh, has already received investments of Rs220 crore from Sharma and One97.
●    The initial investment in the bank could be as high as Rs400 crore.
●    One97 Communications Ltd’s founder Sharma was one of the 11 recipients of RBI’s in-principle payments bank licences. 
●    Bharti Airtel became the first payment bank to start operations in November.

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