Paytm Pay­ments Bank in­curs loss

Banking Frontiers - - Pb-sfb -

Paytm Pay­ments Bank in­curred losses to the tune of `30.7 crore be­tween Au­gust 2016 and 31 March 2017 as per doc­u­ments filed with the cor­po­rate af­fairs min­istry. The bank had started op­er­a­tions in May 2017 though it had come into be­ing in Au­gust 2016. Dur­ing Au­gust 2016 - March 2017, it had rev­enues of `2.47 crore. The bank had said it is in the process of ex­pand­ing its foot­print, which will be spread across metro, ur­ban, semi- ur­ban and ru­ral ar­eas. It has plans to set up 31 branches, 33 con­trol­ling of­fices and 3000 ac­cess points by 31 March 2018.

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