Alibaba-backed Paytm will hire about 3,000 additional employees as it plans to roll out its mobile-based payment bank in India before June next year.
The Reserve Bank of India issued eleven payment bank licences in August this year to a range of companies, including the country’s three leading operators, as well as other players, including Paytm.
The banks will provide basic financial services to users who are currently outside the banking sector. The target market is small businesses, low income households, farmers and migrant workers.
Amit Sinha, vice-president, Paytm, said: “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.”
Paytm plans to launch its service before the end of the first quarter of fiscal year 2016/17.