Wipro to handle Paytm’s payments bank for a year

Paytm and Wipro have entered into an agreement for a year and the IT company will be handling Paytm’s payments bank core banking system.

Last year, Vijay Shekhar Sharma-led Paytm got in-principle nod by the Reserve Bank of India (RBI) to set up a payments bank.

Wipro will ensure all accounting and regulatory requirements of Paytm’s payments bank are met.

“Technology is an integral part of the value proposition we seek to create for customers of our upcoming bank. They have a demonstrated track record in banking technology in India that will be important in ensuring that our innovative solutions are integrated with core banking systems in a compliant and secure manner, creating the right platform for service delivery at large scale,” said CEO of Paytm’s payments bank Shinjini Kumar.

Also, Wipro will manage the integration of other key systems like anti-money laundering and regulatory reporting solutions and manage data centres for the payments bank.

Payments banks cannot lead but can accept deposits from individuals and small businesses for up to Rs 1 lakh an account.

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