Paytm has secured the final approval from the Reserve Bank of India for launching its payments bank. The firm said it may start operations of the bank in February. Vijay Shekhar Sharma, founder of One97 Communications, which owns Paytm, said he intends to take a full-time executive role in the bank. He added that the aim is to build a new business model in banking industry, focused on bringing financial services to hundreds of millions of unserved or underserved Indians. A Paytm spokesperson said the first branch of the bank would be operational in Noida, Uttar Pradesh.
