<ul><li><keyword id="207035" type="PERSON" weightage="20" keywordseo="Dilip-Shanghvi">Dilip Shanghvi</keyword> is the founder of $3.6billion, Sun Pharma, India's most valuable pharma outfit. </li><li>He once dethroned Mukesh Ambani as India's richest man but is now witnessing a massive decline in his wealth. </li><li>Sanghvi, "unschooled in science and management" turned Sun Pharma a $3.6 billion multinational company</li></ul>In 2015, the chairman of Sun Pharma Dilip Shanghvi had briefly dethroned Mukesh Ambani to become the country’s richest man. His response to that was, “I am not comfortable.” Though he doesn’t hold that position anymore, his net worth can buy him 138 million barrels of gold, according to Bloomberg billionaire index. Shanghvi is one of the few billionaires who stay away from limelight and remain undocumented, as he doesn’t “like it”. 
 
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Dilip Shanghvi, the common man turned Indian billionaire who is taking home a salary of ₹1

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Paytm, which expects to touch Rs 10,000 crore in deposits in the next three years, wants to launch India’s first payments bank by the end of this financial year. 
 
The company is counting on its mobile wallet experience to give it a clear advantage over established business houses such as <a href="http://www.businessinsider.in/searchresult.cms?query=Reliance+Industries" target="_BLANK￿￿￿￿">Reliance Industries</a>, <keyword id="6354287" type="CITY" weightage="40" keywordseo="Bharti-Airtel">Bharti Airtel</keyword>, <keyword id="15492" type="CITY" weightage="100" keywordseo="Vodafone">Vodafone</keyword>, and <keyword id="6359480" type="PERSON" weightage="40" keywordseo="Aditya-Birla">Aditya Birla</keyword> Nuvo that would be its main rivals. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=Paytm" target="_BLANK￿￿￿￿">Paytm</a>, the youngest licensee, <keyword id="44642" type="CITY" weightage="60" keywordseo="Sun-Pharma">Sun Pharma</keyword> founder <keyword id="207035" type="PERSON" weightage="60" keywordseo="Dilip-Shanghvi">Dilip Shanghvi</keyword>, Fino PayTech, <a href="http://www.businessinsider.in/searchresult.cms?query=Tech+Mahindra" target="_BLANK￿￿￿￿">Tech Mahindra</a>, National Securities Depository, Cholamandalam Finance and India Post were among the 42 applicants that got approval for starting payments banks. 
 "We have sorted payment on wallet and we want to leverage that. We will drive and scale up payments business even today, while others have to build payments business," co-founder <keyword id="198636" type="PERSON" weightage="60" keywordseo="Vijay-Shekhar-Sharma">Vijay Shekhar Sharma</keyword> told ET. 
 
Paytm has over 104 million mobile wallets and expects that to touch 150 million by March 2016. "We have an edge on timeline. The next year or a year and half, when these companies get started, we will still be playing the business," Sharma added. 
 
The above mentioned entities will take deposits, convey remittances and dispense payments to recipients, making them ideal for migrant workers who need to send money home. They can't lend to their customers, though. The business potential from serving millions of unbanked Indians to further the financial inclusion initiative of the government and the Reserve Bank had attracted most of the top business houses. Sharma said telcos such as <a href="http://www.businessinsider.in/searchresult.cms?query=Vodafone" target="_BLANK￿￿￿￿">Vodafone</a>, Airtel and Idea, which have experience in mobile remittances businesses, will start on a near-equal footing. 
 
"We don't do remittances, but our capability is in merchant transactions and personto- person payments," he said. He was confident that Paytm will be the first off the lock with its payments bank. "We want to be the first payments bank in the country. We have technology on our side, simple organisational structure to create, we have people recruitment on, which is critical, as we speak." Paytm, which officially got the licence last Monday, is scouting for a CEO with financial services and consulting background. Sharma is ooking for someone with a fresh outlook rather than someone with a banking background who is likely to bring in a traditional approach. The company is hiring 100 staff a month to kick-start its new business. <keyword id="3053539" type="UNKNOWN" weightage="40" keywordseo="Paytm-Payment-Bank-Ltd">Paytm Payment Bank Ltd</keyword>, the new company formed to house the payments bank, will also house the mobile wallets business. The wallet license will be surrendered shortly to the RBI and will operate under the payments bank licence. The escrow account, which today is on a third party nationalized bank, will move to the <keyword id="3053537" type="UNKNOWN" weightage="80" keywordseo="Paytm-Payment-Bank">Paytm Payment Bank</keyword>. 
 
By the end of March, <a href="http://www.businessinsider.in/searchresult.cms?query=Alibaba+" target="_BLANK￿￿￿￿">Alibaba</a> Group-backed One97 Communications, he holding company of Paytm's businesses, will have streamlined its operations into payments bank and wallets, commerce and marketing, Sharma said. For its mobile commerce business, which is an online marketplace, Paytm expects to touch a gross merchandising value (GMV) of 1 lakh crore by 2020 from 12,000 crore currently. GMV is a measure of the maximum price of goods and services sold on a company’s platform and are higher than actual revenue. 
 Sharma is now focused on the payments bank. He holds 51% in Paytm Payment Bank, One97 Communications owns 39% and 10% is held by a subsidiary of One97 and Sharma. After another round of expected fund infusion of about $400 million by <keyword id="163405" type="CITY" weightage="80" keywordseo="Alibaba-Group">Alibaba Group</keyword>, which is slated to increase its stake in One97 to 40% from 25% now, the Chinese giant will own roughly 20% indirectly in Paytm Payment Bank. 
 
Sharma said the payments bank doesn't need an equity relationship with a financial services firm. Rather, it needs banks as partners because customers would like to feed into a main bank due to restrictions on what payments banks can offer. 
 
(Image: Indiatimes)

Paytm is soon coming up with India’s first payments bank

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In the recent past, the corporate espionage case of the Oil Ministry and Sun Pharma chief Dilip Shanghvi taking over as the richest man might have left crease on the Ambanis. But good days aren’t far ahead. 
 <keyword id="6487" type="CITY" weightage="80" keywordseo="Reliance-Industries-Ltd">Reliance Industries Ltd</keyword> (RIL) has emerged as the country's largest corporate in a list compiled by the <keyword id="69310" type="ORGANIZATION" weightage="80" keywordseo="Corporate-Affairs-Ministry">Corporate Affairs Ministry</keyword>. A recent PTI report has also mentioned that at the end of March 2014, RIL's assets stood at Rs 3.68 lakh crore. 
 State-owned <keyword id="59622" type="CITY" weightage="80" keywordseo="Indian-Oil-Corp">Indian Oil Corp</keyword> and mortgage lender <keyword id="45123" type="CITY" weightage="80" keywordseo="HDFC">HDFC</keyword> are following RIL in this race with Rs 2.52 lakh crore and Rs 2.25 lakh crore, respectively. 
 In a written reply to the Rajya Sabha, <keyword id="42575" type="PERSON" weightage="80" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> the data is based on data from 4,15,886 companies which had filed their balance sheets for the year 2013-14 till November 30, 2014. 
 The other top ten being Power Finance Corp ,NTPC , Rural Electrification Corp ,Power Grid Corp ,LIC Housing Finance , Steel Authority of India and <keyword id="109662" type="CITY" weightage="80" keywordseo="Bharat-Sanchar-Nigam-Ltd">Bharat Sanchar Nigam Ltd</keyword> , RIL and HDFC are two private players to have gained a mention in the list.

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