(Article authored by Renu Satti — CEO, Paytm Payments Bank)
I still remember the day (31st January, 2015) before we submitted our Payments Bank application to RBI.
As they say, some days just stay in your memory like it was yesterday. We were having a discussion with Vijay in New York (Conference Room). And then someone from the E&Y team came in and wanted Vijay to sign the Bank application, some 500 pages or so I believe. I was smiling & feeling so happy with the thought that we will be a Bank one day. That was the founding day of our dream to do something big for India.
Fast forward 6 months to August 19, 2015, and a new day of our life. Office as usual — full of energy, action & hustle-bustle. Around 1.30 pm or so, someone phoned Vijay and shared the news of our Bank license. Vijay, in his inimitable style, exclaimed loudly on the floor “We have got the Bank license!” One more step towards achieving our big dream. I immediately opened the RBI website. Words may not be enough to describe how we all felt that day. Some moments in your life you want to live again!
I have been given the opportunity to be a part of the journey of making the Paytm Payments Bank with the mission, purpose and commitment of bringing half a billion Indians to mainstream economy. Sometimes it’s difficult to describe your emotions and this was definitely one of those moments. We started our Bank operations on 23rd May, 2017.
And here comes the really exciting part: We launched the beta version of Saving Bank Accounts for our customers on August 27, 2017. We have received an overwhelming response to this. Customers have been waiting for long and finally have now started opening their Paytm Bank accounts … 500 to 1000 to 2000 to 5000 (in beta itself!). This is just the start and we have miles to go. We will be opening for all now very soon!
God has given us this opportunity to do something big in our life. We are building our Bank, your Bank for a 1000 years!
I welcome you all to be part of this magical journey with us. We want to do Life-Banking. And we want to live in your heart- day & night, serving you all!
Built for India, by Indians. No Fear, No Greed, No Entitlement — India’s Most Sincere Bank, Paytm Payments Bank is here!