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Paytm Payments Bank gets scheduled bank

Paytm Payments Bank gets scheduled bank status from RBI –

Paytm Payment Bank Logo

Paytm Payments Bank has been given the scheduled bank status by the Reserve Bank of India recently. The bank has been included in the second Schedule to the Reserve Bank of India Act, 1934.

Piecemeal from Paytm, Fino Payments Bank and India Post Payments Bank have also been included in the second schedule.

Paytm Payments Bank Limited (PPBL), an associate reality of Paytm, has gained the central bank’s blessing to serve as a listed payments bank, it announced on Thursday, helping it to widen its financial services operations.

Every Scheduled bank enjoys two types of top installations it becomes eligible for debts/ loans at the bank rate from the RBI; and, it automatically acquires the class of clearing house.

Being a Scheduled Payments Bank, this Bank can take part in government and other large pots issued Request for Proposals (RFP), primary deals, fixed- rate and variable rate repos, and rear repos, along with participation in Borderline Standing Installation. The payments bank will now be eligible to mate in Centre- run financial addition schemes.

What are Scheduled Banks?

RBI Bank schedule

Scheduled Banks in India refer to those banks which have been included in the Second Schedule of Reserve Bank of India Act, 1934. Banks not under this Schedule are called Non-Scheduled Banks.

Being a Scheduled Payments Bank, this Bank can take part in government and other large pots issued Request for Proposals (RFP), primary deals, fixed- rate and variable rate repos, and rear repos, along with participation in Borderline Standing Installation. The bank supports 3 crore Paytm Wallets and enables consumers to make. payments at over online merchandisers and 2.11 crore in- store merchandisers.

Paytm Payment Bank –

Paytm Payments Bank has surfaced as one of the largest enablers of digital payments in the country with its payment instruments like Paytm Wallet, Paytm FASTag, net banking and Paytm UPI.

In January, 2017, Paytm entered the RBI nod to launch its payments bank. According to the company statement, as of March 31, 2021, the payments bank had over 6.4 crores savings accounts, and over Rs 5200 crore deposits. Including savings accounts, current accounts, fixed deposits with mate banks, and balance in wallets.

The payments bank powers 33.3 crore Paytm wallets and enables consumers to make payments at further than online merchandisers and2.11 crore in- store merchandisers. Further than15.5 crore Paytm UPI handles have been created and are used to make and admit payments with Paytm Payments Bank, Paytm stated.

In the last financial year, Paytm Payments bank has also come the largest issuer and acquirer of FASTags in India. Lately, Paytm Payments bank surfaced as one of the most successful digital banks operating in the Asia Pacific (APAC) region.

About Paytm –

Paytm is an Indian multinational technology company that specializes in digital payment system, e-commerce and financial services, based in Noida.

CEO : Vijay Shekhar Sharma (Dec 2010-)

Founder : Vijay Shekhar Sharma

Founded : August 2010

Revenue : 2,802 crores INR (US$370 million, 2021)

Headquarters: B-121, Sector 5, Noida, Uttar Pradesh, India

Areas served : India, Canada, Japan

Parent organization: One97 Communications

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