A new Payments Bank ‘Paytm Payments Bank’ was formally launched at the hands of the Union Finance Minister Arun Jaitley here on 28 November 2017. Speaking at the launch event, Jaitley said that a new chapter in history has been written with the launch of this new Payments Bank. “This expands the horizon of financial inclusion in the country”, Jaitley said. Almost everyday some such initiative is being undertaken and leading to greater normalisation of the economy.
Vijay Shekhar Sharma, Non-executive Chairman, Paytm Payments Bank, that Paytm Payments Bank is working towards setting up physical ATMs in the country. In last two years, Paytm has invested Rs. 5,000 crore in payments and financial services space (does not include commerce side). In the next two years, another 5,000 crore will be invested in the same segments.
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. These banks cannot however lend money to their customers. Billed as India’s only mobile first bank providing zero balance accounts and zero digital transaction charges, Paytm Payments Bank also provides free personalised RuPay digital debit card.