After Airtel, India Post now PayTm launched Payment Bank;To reach 500 million Indians by 2020
Source :News Bharati English   Date :23-May-2017

New Delhi, May 23: After Airtel and IndiaPost , now PayTm too stepped on their footsteps. PayTm launched the Payment Bank in India. PayTm Payment Bank becomes India’s first payment bank to offer zero charges on online transactions, no minimum balance requirement and free virtual debit card.

Founder of PayTm, Vijay Shekhar Sharma, excitedly announced about payment bank through tweet. He said that “the Paytm Payments Bank will be the first bank to offer cashbacks on deposits.  Every customer to open a Payments Bank account will get a cashback of INR 250 as soon they bring deposits of a total of $387(INR 25K) in their bank account Also, customers will be given  zero charges on all online transactions (such as IMPS, NEFT, RTGS) and no minimum balance requirement. For savings accounts, the company would also offer an interest of 4% per annum. Paytm plans to open 31 branches and 3,000 customer service points in a year.”

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PayTm Payment Bank will offer annual interest of 4 per cent and will also be setting up up KYC centers across India to help customers get KYC done. KYC is a mandatory eligibility requirement for a Payments Bank account.  While speaking at the launch, Vijay Shekhar Sharma stated, “RBI has given us an opportunity to create a new kind of banking model in the world.  We are proud that our customer deposits will be safely invested in government bonds, and be used for nation-building.  None of our deposits will be converted in to risky assets.”

Renu Satti, the first CEO of Paytm Payments Bank added, “We are very excited to launch Paytm Payments Bank and bring financial services to the unbanked segment of Indians. Our ambition is to become India’s most trusted and consumer-friendly bank. Leveraging the power of technology, we aim to become the preferred bank for 500 Mn Indians by 2020.”