Paytm, India’s largest mobile payments has partnered with the Wipro ltd, a IT services major, to implement technology infrastructure for its upcoming Payment bank business. As per this deal, Wipro will provide the core banking solution like the anti-money laundering solution and regulatory reporting solution for Paytm.
This deal can into existent as Paytm is expected to roll out the payments bank later this year. Earlier, in August last year, The mobile payment giants Paytm had received an in-principle approval from RBI to set up a payments bank.
Extra Info :
Minimum Capital requirement : 100 Crore
Payments banks can accept demand deposits and savings bank deposits from individuals and small businesses, up to a maximum of Rs 1 lakh per account.
So let’s discuss some questions related to this post :
1. Paytm has partnered with which company for its upcoming Payments bank business ?
Courtesy : Business Standard