Digital payments firm Paytm launched its payments bank on Tuesday. Paytm is aiming to acquire 500 million customers in the next three years and will offer an interest rate of 4 percent per annum on deposits. The Paytm Payments Bank aims to open 31 branches and 3,000 customer service points in its first year of operations. A payments bank is an institution that can take deposits and remittances but cannot lend.
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