Paytm Payments Bank registered net loss of Rs 20.7 crore for the fiscal ended March 31, 2018, according to regulatory documents. Also Read - How to book COVID-19 vaccine slot via Paytm App, get Covaxin and Covishield shots with these simple steps
Its total loss stood at Rs 30.7 crore during August 22, 2016 to March 31, 2017, the documents filed with the corporate affairs ministry showed. Also Read - Alert! Paytm cashback scam: Fake Paytm website, it's a trick to steal your money
Paytm Payments Bank, which was incorporated in August 2016, formally began its operations in 2017. Also Read - 5 apps helping people get through the COVID-19 second wave: Twitter, CoWIN, Aarogya Setu
The total income grew to Rs 721.9 crore in financial year ended March 31, 2018 compared to Rs 2.47 crore in August 22, 2016 – March 31, 2017 period, the documents sourced by business intelligence platform, Tofler showed.
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.
“The expenditure of the bank to the tune of Rs 660 crores has not been clearly explained and has been clubbed as other expenditure. Most the deposits with the bank have been invested in government securities,” it said.
Paytm Founder Vijay Shekhar Sharma holds 51 per cent share in Paytm Payments Bank, while the rest is held by One97 Communications.
This is published unedited from the PTI feed.