Indian financial technology (fintech) giant Paytm is planning to transform its payments bank into a small finance bank, which it believes is a more profitable growth model, according to a report by The Times of India.
Paytm founder and CEO Vijay Shekhar Sharma told TOI that that the payments bank – Paytm Payments Bank – will approach the government for an license to allow it to lend to consumers using technology-enabled low-cost operations. Sharma holds 51 per cent share in the bank.
