NEW DELHI: Paytm Funds Financial institution has gained central financial institution approval to perform as a scheduled funds financial institution, it stated on Thursday, serving to it to increase its monetary companies operations.
As a scheduled funds financial institution, Paytm Funds can take part in authorities and corporations’ request for proposals, major auctions, fixed-rate and variable fee repos, and reverse repos, together with participation in Marginal Standing Facility.
It’ll even be eligible to be a companion in government-run monetary inclusion schemes.
Shares in One 97 Communications ended 2.6% greater in a broader Mumbai market that was up 0.3%.
Paytm founder and billionaire Vijay Shekhar Sharma owns 51% of Paytm Funds Financial institution, whereas the remaining is held by One 97 Communications Ltd.
Paytm Fee Financial institution, a distinct segment financial institution geared toward widening monetary inclusion, nonetheless can not lend or situation bank cards by itself.
It had greater than 64 million financial savings accounts and over 52 billion Indian rupees ($688.5 million) deposits, together with financial savings accounts, present accounts and stuck deposits with companion banks on the finish of March this yr.
($1 = 75.5300 Indian rupees)
As a scheduled funds financial institution, Paytm Funds can take part in authorities and corporations’ request for proposals, major auctions, fixed-rate and variable fee repos, and reverse repos, together with participation in Marginal Standing Facility.
It’ll even be eligible to be a companion in government-run monetary inclusion schemes.
Shares in One 97 Communications ended 2.6% greater in a broader Mumbai market that was up 0.3%.
Paytm founder and billionaire Vijay Shekhar Sharma owns 51% of Paytm Funds Financial institution, whereas the remaining is held by One 97 Communications Ltd.
Paytm Fee Financial institution, a distinct segment financial institution geared toward widening monetary inclusion, nonetheless can not lend or situation bank cards by itself.
It had greater than 64 million financial savings accounts and over 52 billion Indian rupees ($688.5 million) deposits, together with financial savings accounts, present accounts and stuck deposits with companion banks on the finish of March this yr.
($1 = 75.5300 Indian rupees)
Supply: Times of India