Paytm to hire 3,000 employees for payment bank operations

Paytm, India's largest mobile payment and commerce platform, will recruit about 3,000 employees to roll out its payment bank services. The company will roll out the services by the first quarter of next fiscal year.

"Hiring for Paytm's payment bank is a key focus area. We have planned to get on board about 3,000 people from banking and non-banking backgrounds like FMCG, telecom, consulting etc. We will draw on the expertise of a wide cross section of sectors,'' said Amit Sinha, vice president at Paytm.

The payment bank organisation would also require a significant work force for field job and Paytm would add additional workforce from third-party agencies. The majority of the employees will be brought in for technology roles and requirements.

The payment bank aims to opens up new opportunities for Paytm's existing mobile wallet user base by offering new services including debit cards, savings accounts, online banking, and transfers. This will enable the company's vision of a cashless economy and financial inclusion for all.

The RBI had granted an in-principle approval to 11 companies earlier this year to set up payment banks under the guidelines for Payments Banks licence.