Paytm Payments Bank plans to recruit 1 lakh business correspondents (BCs) who will be designated as 'Paytm ka ATM'. These business correspondents will accept and disburse cash from account holders without any charges and will also open accounts and complete the 'know-your-customer' (KYC) process.
The proposal to have a large BC network is part of the bank's strategy as it pivots from a digital wallet to a payments bank. Paytm has already on-boarded 3,000 BCs in Delhi NCR, Lucknow, Kanpur, Allahabad, Varanasi and Aligarh, and plans to expand the network to 1 lakh in a year.
Apart from providing jobs to a lakh this would make life easier for the commoner as these Business Correspondents will be authorised to accept and disburst cash and that too without any charges.
Read more of this in a report published in Times of India....
