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Banking to Help Alibaba-Backed Paytm Lure 500 Million Users

  • Customer sign-ups to reach 200 million in a year: CFO
  • Central bank gave Paytm approval for payments bank in 2015
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Indian digital-payments provider Paytm intends to launch its banking operations within two months, a move that would bolster its push to sign up more than a third of India’s 1.3 billion people as customers, according to its chief financial officer.

The roll-out of its so-called payments bank by March will help the firm backed by Alibaba Group Holding Ltd. reach 200 million customers within a year, CFO Madhur Deora said in a phone interview earlier this month. The company is seeking as many as 500 million in the medium term, he said, without being more specific.