Paytm payments bank head not interested in rate war

MUMBAI: Financial technologies player Paytm ruled out joining the rate war in the savings account interest rate space when it launches its payments bank, instead

MUMBAI: Financial technologies player Paytm ruled out joining the rate war in the savings account interest rate space when it launches its payments bank, instead it will focus on increasing revenue-accretive transactions. “Obviously, we do not want our customers to lose money if they are keeping their money with us, but at the same time we don’t want to fight a war on interest rates,” Shinjini Kumar, chief executive-designate of the Paytm’s payments bank venture, said. “It is very counter-intuitive for a payments bank to offer high interest rate on savings because they will just park the money. I am interested in the money that does things, not in money that sits.”

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