Paytm Payments Bank books Rs 30-cr loss in 7 months

The company plans to expand to 31 branches and 3,000 customer service points by end of first year

Paytm Payments Bank incurred losses of Rs 30.7 crore between August 2016 and March 2017 of FY17, the firm has said in its filing to Registrar of Companies (RoC). The company, however, is not considering this as losses but as operational costs, as it happened before the payments bank started operations in May.

The company also made revenue of Rs 2.4 crore during this period. According to company sources, investments are being made to expand the payments bank business, hire more banking correspondents as well as open new branches.

The payments bank opened its first branch in Noida. The first branch in