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China's Alibaba-backed Paytm launched niche payments bank, offering 4 per cent interest rate and cashbacks on deposits as it looks to double its customer base to 50 crore by 2020. Funded by Alibaba and SoftBank Corp of Japan, India's largest digital payments startup will have no minimum balance requirements and all online transactions will be free, Paytm said in a statement.
While bank accounts will initially be available only through an invite, the bank will offer current account facility to merchants. Paytm, which saw a phenomenal rise after Prime Minister Narendra Modi's shock ban of high-value currency notes in November last year resulted in cash crunch and boosted use of its electronic wallet, will invest Rs 400 crore to build its banking network over two years.
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