Mobile commerce platform Paytm will hire about 3,000 employees for its payment bank operations. The Alibaba backed firm plans to launch the services by the first quarter of next fiscal year.
In August, Reserve bank of India (RBI) gave an ‘in principle’ approval to 11 entities to run payment banks, including Reliance Industries, Airtel M Commerce Services, Vodafone m-pesa, Tech Mahindra and Idea Cellular’s promoter Aditya Birla Nuvo.
“Hiring for Paytm’s Payment Bank is a key focus area. We have planned to hire about 3,000 people from banking and non-banking backgrounds like FMCG, telecom, consulting etc,” vice president Amit Sinha said in a statement. Paytm will draw on the expertise of a wide cross section of sectors, he added.
He said payment banks would also require a significant work force for field jobs and the company will add additional workforce from third-party agencies.
“The majority of the employees will be brought in for technology roles and requirements,” he said.
The payment bank aims to use the Paytm’s existing mobile wallet user base by offering new services, including debit cards, savings accounts, online banking and transfers, to enable cashless economy.
Payment banks will cater to individuals and small businesses and are being set up to accept demand deposits, remittance services, Internet banking and other specified services. They will be allowed to issue ATM/debit cards and other prepaid payment instruments, but not credit cards.
They will not be allowed to undertake lending services and non resident Indians will not be allowed to open accounts.