India's Paytm to launch banking operations within two months

Mumbai

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 rollout 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. The company is seeking as many as 500 million users in the medium term, he said, without being more specific.