The company had already revealed that it is on the verge of making its own payments bank business. Meanwhile, for the personal loan service, it has joined hands with 10 banks who will issue these loans.
Approval of payments bank services have been given on a condition that asks companies to park 75 per cent of their deposits in the safer. They are also not allowed to use their deposits for lending or any of such purposes.
The digital payment company, which forayed into eCommerce in April last year, aims to facilitate monthly sales of about 2.1 crore items through its platform by the end of this fiscal in the fashion category.