Paytm Payments Bank aims to employ 1 Lakh BCs (business correspondents) who will be elected as “Paytm ka ATM.” These BCs will open accounts and carry out the KYC (know your customer) process and will also disburse as well as accept cash from account holders without any fees.
The offer to have a huge BC network is fraction of the strategy from the bank as it spins around to a payments bank from a digital wallet. Paytm has already grabbed 3,000 BCs in Lucknow, Delhi NCR, Allahabad, Kanpur, Aligarh, and Varanasi. In addition to this, it aims to extend the network to 1 Lakh in 1 Year.
The BCs will mainly be stores where the salesperson might be taught to carry out banking dealings for users employing a mobile application. While the stores will be give a charge for enabling cash withdrawals and receiving cash deposits, the cash will be given by the bank without charging on any fee to the user.
Talking to the media, Renu Satti, MD & CEO of Paytm Payments Bank, claimed that these stores will have a biometric reader and a mobile app. “We are the only bank offering zero charges on digital payments and zero-balance accounts. These branded stores will have a key importance in bringing banking authorization to smaller towns and cities by making sure that users find it simple to locate a point of access close to them,” she said.
Paytm is contesting in opposition to a December 31, 2017, deadline to get all users in accordance with KYC norms from RBI. The firm had connected with 40,000 associates who will carry out the process of KYC and upgrade wallets into accounts of its bank. Apart from the KYC partners, the network of “Paytm ka ATM” will also do KYC based in Aadhaar.