Paytm Payments Bank reaches INR 1000 Crore landmark in deposits

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Almost a decade ago, with a vision to virtualize monetary transactions, Paytm was founded by Vijay Shekhar Sharma who is now hailed as one of the finest entrepreneurs this country provided. Paytm’s presence was acknowledged across the country especially during the two months that followed after demonetization.

In 2015, they received a license from the Reserve Bank of India to launch the Paytm Payments Bank, which is a separate entity to that of the wallet. Although the bank failed to reach most of its targets, the response has not been that bad. They were planning to open close to 100,000 banking outlets on their name, but their branches is yet to touch double digits.

However, Paytm Payments Bank has closely 57 million savings account and recently reached a deposit milestone of INR 1,000 crore. It is also being said that PPBL has seen a surge, especially in the last 45 days due to the pandemic. In an announcement made by the bank, they also confirmed that account holders of the PPBL will receive subsidy benefits from over 400 government ventures directly into their account.

The bank has now implemented the option to avail benefits of Direct Benefit Transfers (DBT), which is a scheme by Government of India to transfer the subsidies of various social welfare schemes like LPG gas subsidy, MNREGA payments, Old Age Pension, and scholarships directly into the beneficiary’s bank account.

“We have always striven to provide a wholesome banking experience to our users, and direct subsidy transfers would help millions of customers, especially those from the Tier II and III cities,” Vijay Shekhar Sharma, the founder of Paytm, said as mentioned by Your Story.

DBT through online request processed inside three days

One of the major advantages of the DBT facility is that the account holders can sit at their home and make an online request through their app, with the bank charging no service fee. The request which is processed by the customers is verified, approved and processed inside three days. This move by the bank has resulted in a lot of people favoring them over some of the big players in the banking sector.

PPBL currently registers over 4.5 million debit card transactions a month and with close to 57 million digital/physical debit cards issued, their presence can be felt in every district in the country. Earlier this month, PPBL announced that it has now issued Mastercard debit cards to its account holders to enable them to perform online transactions, make payments in stores as well as withdraw cash from ATMs.