A top Paytm executive predicted the company would have 100 million savings customers in India within 12 months, representing a rise of 60 million on its current number, Hindu Business Line reported.

In an interview with the news publication, Paytm Payments Bank MD and CEO Satish Kumar Gupta said the growth would come from a combination of completely new customers and users of its mobile wallet.

He added around 260 million people across India had Paytm mobile wallet accounts.

The ambitious target was unveiled as the company opened its second physical bank branch, in New Delhi. Although it now has retail locations, the service remains primarily mobile-focused with users able to sign-up and manage the whole account through its app.

Payments banks are regulated by the Reserve Bank of India and are part of a wider Indian government scheme to increase financial inclusion and reduce reliance on physical currency.

Paytm launched its service in November 2017, but seven months later was ordered to stop recruiting new customers after a Reserve Bank of India audit found it had violated its terms of operation.

The ban was lifted at the end of 2018, with the company then embarking on a push to recruit new users.

Last week, rumours emerged parent company One97 was set for a cash injection of up to $2 billion at the completion of a new funding round.