India digital only bank Paytm Payments Bank (PPB) is to expand into facilitating cross-border as well as domestic remittances.
The bank's CEO said that the new umbrella entity (NUE) proposed by PPB and other investors, will change the pace of digital payments in the country, if approved.
Speaking to the Times of India, the bank's managing director and CEO Satish Kumar Gupta said it had become the largest enabler of digital transactions in India at 970m in March 2021.
For the coming year, we have received approval for facilitating inward remittance from foreign countries."
It had also become the largest digital-only bank with 64 million bank accounts and deposits of over Rs3,200 crore, he said.
"For the coming year, we have received approval for facilitating inward remittance from foreign countries. In addition to this, we are also growing our domestic remittance business."
Another new line of activity where the bank is seeking approval as an investor is the setting up of an NUE. While he said he could not share the details, Gupta said the proposed entity, if permitted to operate, could change the pace of digital payements in India.