Paytm Payments Bank has lost Rs 30.7 crore between August 2016 and March 31, 2017, according to documents filed with the Corporate Affairs Ministry. During the same period, the company earned revenue of Rs 2.47 crore, PTI reported on Tuesday.
Paytm Payments Bank was incorporated in August 2016 and it began operations in May this year, opening its first branch in Noida. Paytm founder Vijay Shekhar Sharma holds 51% stake in the company, while the rest is held by Chinese e-commerce major Alibaba-backed One97 Communications.
The documents with the corporate affairs ministry state that the Paytm Payments Bank “is in the process of expanding footprints in near future, which will be spread across metro, urban, semi-urban and rural areas”. “The bank has proposed to set up 31 branches, 33 controlling offices and 3,000 access points by March 31, 2018,” it adds.
The Paytm Payments Bank can accept deposits from individuals and small businesses up to Rs 1 lakh per account.