Finally, here comes the big news…. Paytm Payments Bank is here with approval from Reserve Bank of India (RBI). During the phase of demonetization, Paytm has become the savior to most of the people and helped in all the aspects of the online transaction, payments, shopping and much more. Now, Paytm is delighted to launch Paytm Payments Bank on 23rd May 2017 and Renu Satti will be the Chief Executive Officer (CEO). By 2020, Paytm Payments Bank has a target of expanding its customer base to 200 million.
As per the directions of RBI, the company will be transferring its wallet business to the newly incorporated payments bank entity, Paytm Payments Bank Ltd, under a payment bank license awarded to a resident Indian, Vijay Shekhar Sharma.
Few Things To Know About Paytm Payments Bank-
- It is offering the best interest rate of 4% per annum on deposits.
- It offers virtual Rupay debit cards to all its customers that allow you to withdraw cash for five times from ATM’s and after that, it will be charged Rs 20 for withdrawal.
- Once the deposits of your savings or current accounts of first one million customers reach Rs 25,000, they will be rewarded with Rs 250 cashback instantly.
- Initially, only the people who have an invite can open an account in Paytm Payments Bank.
- It will roll out beta banking mobile application for its employees and associates and plans to launch the app for its customers as well.
- The best thing about this bank is, you need not out the amount in your bank accounts as it allows zero balance without any penalty.
- All the online transactions like NEFT, IMPS, RTGS and so on can be done for free.
- All the existing Paytm customer’s accounts will be automatically transferred to Paytm Payments Bank Limited.
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All these new cool features of Paytm Payments Bank may change the fate of digital banking industry.