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