Paytm Payments Bank
Union Finance Minister Arun Jaitley on Tuesday said digital transaction is fast taking the place of cash inaugurated Paytm Payments Bank in New Delhi.
Paytm — which also offers mobile wallet services — commenced its payments bank operations earlier this year. Paytm founder Vijay Shekhar Sharma holds the majority share in PPB, while the rest being held by Alibaba-backed One97 Communications. A Payments Bank is a differentiated Bank. A customer can open a savings bank account in them and have deposits of upto Rs. 1 lakh. It will also offer a 4-7% interest rate on savings account and a free personalised RuPay digital debit card.
“If you have a private company, a public sector bank taking initiative, then the practice of cash being predominant is being changed,” he said.
Almost everyday some such initiative is being undertaken and leading to greater normalisation of the economy, he added.
Paytm today officially launched its payments bank operations after a beta launch in May this year.
The Reserve Bank of India gave in-principle nod to as many as 11 companies who wanted to start payments banks in 2015. Out of 11, three surrendered their licences to the apex bank.
In January 2017, digital wallet company Paytm also received final approval from RBI to start a payments bank.
Billed as India’s only mobile first bank providing zero balance accounts and zero digital transaction charges, Paytm Payments Bank provides you awesome features free personalised RuPay digital debit card.
Here are some features of Paytm Payments Bank:
- Quick and paperless account opening
- Free personalized RuPay digital debit card
- Zero-fee account, no minimum balance requirement
- Earn interest on your savings account
- Every online transaction (such as IMPS, NEFT, RTGS, UPI) will be free of charge
- Withdraw cash from any ATM;
- Access to personalized banking at more than 100,000 Paytm ka ATM locations across India