Paytm Payments Bank Reports Loss of Rs 20 Cr at Rs 720 Cr Revenue
Paytm Payments Bank registered net loss of Rs 20.7 crore for the fiscal ended 31 March 2018, according to regulatory documents.
Its total loss stood at Rs 30.7 crore during 22 August 2016 to 31 March 2017, the documents filed with the corporate affairs ministry showed.
Paytm Payments Bank, which was incorporated in August 2016, formally began its operations in 2017.
Tofler said Paytm Payment Bank's total expenses for the fiscal were reported as Rs 740 crore.
Most of the income of the bank (about Rs 650 crore) is earned as commission, exchange and brokerage, including that earned on wallet utilisation, it added.
Paytm Founder Vijay Shekhar Sharma holds 51 per cent share in Paytm Payments Bank, while the rest is held by One97 Communications.
(The Quint is now available on Telegram. For handpicked stories every day, subscribe to us on Telegram)