Following India post, Paytm to convert its payment bank into a finance bank
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Following the footsteps of India Post, mobile wallet operator Paytm wants to convert its payment bank into a small finance bank to become more profitable. Paytm is planning to approach the govt and the banking regulator for a small finance bank license so that it can leverage the model using tech-enabled low-cost ops. Earlier, Paytm raises $1 billion of fresh funding with plans to step into the financial service.