Paytm Payments Bank Ltd, which got a final approval from the Reserve Bank of India last month to run and operate a payments bank in the country, will start commercial operations on 21 February 2017.
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Rivals such as Airtel and India Post have already launched their operations and have been pushing it through massive advertisements and campaigns.
Other applicants such as Fino Paytech, National Securities Depository and Mukesh Ambani-led Reliance are also likely to launch their respective banks by May.
Paytm Payments Bank plans to leverage its wallet business that will soon get merged with the banking entity.
Fino Paytech is touted to be the biggest beneficiary of Demonetisation