Paytm Payments Bank launched its banking operations. It is initially offering service by invitation only. The bank said it will offer a 4% interest on savings accounts, which is in line with large commercial banks. The bank said it will have two new independent directors – P.V. Bhaskar, who is former executive director of the Reserve Bank of India and G.S. Sundararajan, who is former Shriram Group director. The bank now has five board members. The other three are Paytm CEO Vijay Shekhar Sharma, Renu Satti, CEO of Paytm Payments Bank, and Ash Lilani, Saamna Capital co-founder. Paytm said the payments bank will have 31 branches and 3000 customer service points in the first year. It also expects to mop up Rs 400 crore in investment in the first two years of operation.
