Paytm Payments Bank Limited (PPBL), a Paytm partner, has been granted Scheduled Bank status by the Reserve Bank of India (RBI) and is now included in the Reserve Bank of India Act, 1934’s Second Schedule. Paytm Payments Bank can now explore new business options as a Scheduled Payments Bank. The bank can participate in RFPs issued by the government and other big enterprises, primary auctions, fixed-rate and variable-rate repos, and reverse repos, as well as the Marginal Standing Facility. Paytm Payments Bank will now be able to participate in government-sponsored financial inclusion programmes.
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“We have seen a rapid acceptance of digital banking services, with customers loving the new age of banking in India,” Satish Kumar Gupta, MD & CEO of Paytm Payments Bank Ltd, stated. The inclusion of Paytm Payments Bank under the Reserve Bank of India Act, 1934’s Second Schedule would enable us to innovate even more and provide more financial services and products to India’s underserved and unserved people.” The second schedule of the RBI Act 1934 includes banks that satisfy the central bank that their businesses are not being managed in a manner that is damaging to the interests of their depositors.
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With payment tools including Paytm Wallet, Paytm FASTag, net banking, and Paytm UPI, Paytm Payments Bank has become one of the country’s leading facilitators of digital payments. Consumers may make payments at over 87,000 online retailers and 2.11 crore in-store merchants thanks to the bank’s 33.3 crore Paytm Wallets. Paytm Payments Bank is the largest receiving bank and one of the best transfer banks for UPI transactions, with a Paytm UPI processor of over Rs 15.5 crore created and used to send and receive payments. Paytm Payments Bank also became the largest domestic issuer and buyer of FASTag tags in the past fiscal year.
