Representative photoVijay Shekhar Sharma, founder and CEO of Paytm who holds the payments bank licence has infused Rs 111 crore, while One97 Communications and One97 India Communications, the parent of Paytm, put in the rest of the amount, as per latest regulatory filings sourced via business research platform Tofler.
Earlier in January , Sharma said he had managed to get the final nod from RBI to kick-start the bank. Paytm Payments Bank has issued 2,18,000,000 shares to the three shareholders.
The development comes on the back of two other payments banks -Airtel Payments Bank and India Post Payments Bank launching their operations.
TOI had reported its in December 9 edition, about Sharma selling 1% of his personal holding in Paytm’s parent firm One97 Communications for about Rs 325 crore to invest in the payments bank. Sharma holds 51% stake in Paytm Payments Bank, as per RBI guidelines. Paytm had planned to start its payments bank last year but had to postpone the launch multiple times due to regulatory delays. After getting RBI nod, Sharma had said that about Rs 400 crore would be pumped in to the payments bank.
Paytm, which is run by One97 Communications, created two separate entities -Paytm E-commerce and Paytm Payments Bank. The wallet business of has also been transferred to the newly created payments bank entity to meet RBI’s guidelines. It is unclear how much ownership Alibaba would have in the payments bank. The Chinese internet behemoth is an existing shareholder in One97, and also holds around 40% stake in the recently separated Paytm’s online marketplace business, as reported by TOI in its February 3 edition.
