Paytm Payments Bank raises to 122 crore
November 24th, 2017
Paytm Payments Bank raised 122 crores from Paytm’s parent company One97 Communications and its Founder Vijay Shekhar Sharma. It is also the first bank to offer cash back on deposits, such as cash back of Rs 250 on depositing Rs 25,000 into the bank account. These are India Post Payments Bank, Airtel Payments Bank, Fino Payments Bank and Paytm Payments Bank. The surprising aspect related to the functioning of these payments bank as revealed through an RTI report from RBI is that none of these banks have really been able to attract deposits from the public in all these months.