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January 10, 2018

Paytm sets up new Investment and Wealth Management unit - Paytm Money

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Indian payments platform Paytm today announced setting up of its investment and wealth management division titled Paytm Money Limited. Paytm Money is a wholly owned subsidiary of One97 Communications (the parent company of Paytm). Paytm Money will deal in money market fund where users would be able to store cash and earn interest. Paytm Money will be an entirely technology-led digital product without any offline presence.

Paytm Money will be headed by Pravin Jadhav as senior vice-president. Jadhav previously worked with Rediff and social networking site Wishberg.

At present, Paytm Money is setting up its operations in Bengaluru and looking to seek regulatory approvals from SEBI to commence operations.

In November 2017, One97 launched Paytm Payments Bank, with a capital allocation of nearly Rs 400 crore.  The bank offers a 4-7% interest rate on savings account for deposits, and up to 7% on a linked sweep out fixed deposit, without a fee for creation and breakage.

Paytm Money will be the company's fourth consumer brand after Paytm, Paytm Mall, and Paytm Payments Bank.

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