IT giants like Infosys, TCS want to pull off a deal worth Rs 125 crore with Paytm for its payments bank

Paytm’s payments bank, which is expected to be rolled out in August this year, is attracting attention of the IT bigwigs who want to manage the back-end work.

IT giants like Infosys, TCS, Wipro, etc are eying Paytm’s Rs 125-crore IT deal for bank operations, which includes core banking, fraud detection and security.

The bidding of contracts has happened and according to Paytm’s co-founder Vijay Shekhar Sharma, the contracts will be allotted in the next one week.

"Internally, we were changing the (launch) date with the intention that by June we should pull it off, but July will also get covered because there's so much technology implementation happening," Sharma told ET.

He told the financial daily Oracle, Infosys and TCS are in the running for core banking services for payments, while Wipro and TCS are in the fray for being the system integrator.

Paytm is going all way out for its payments bank and had recently appointed Shinjini Kumar, a former senior executive at consultancy PwC, as the CEO of the payments bank.

Payments banks can accept demand deposits and savings bank deposits from individuals and small businesses up to a maximum of Rs 1 lakh per account.

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