Paytm Payments Bank recently launched mobile-bank with zero charges on all online transactions and no minimum balance requirement. The bank is focused on driving financial inclusion by bringing half a billion Indians into the mainstream economy. Paytm Payments Bank Chairman, Vijay Shekhar Sharma owns 51% stake in the company, with the remaining share owned by Indian firm One97 Communications Pvt Ltd.
Paytm played an important role in democratizing access to digital payments for hundreds of millions of Indians ranging from small kirana store-owners and daily wage laborers to large retailers. As millions of customers have experienced the power of convenient digital payments within the large Paytm ecosystem, they have been waiting eagerly for the Paytm Payments Bank launch. This has led to over 10 million customers signing up for a Paytm Payments Bank account in the beta launch.
Owned and governed solely by Indians, Paytm Payments Bank was launched on May 23, 2017, with Renu Satti as its MD & CEO and is headquartered in the National Capital Region, India.
Commenting on the development, Renu Satti said, “We are glad to receive this opportunity to build first-of-its-kind banking services and serve our nation. We will bring unbanked and underbanked fellow Indians to the mainstream economy and help them become a part of the financial services ecosystem. We are excited about the incredible response to our consumer beta launch and are looking forward to further expanding our services.”
Paytm Payments Bank offers Savings Accounts with no minimum balance requirement and a free RuPay Digital Debit Card. This card comes with a free insurance cover up to Rs. 2 Lacs in case of death or permanent total disability. KYC customers can open a PPB account instantly on their smartphone. The company is also looking to partner with Universal Banks to offer additional financial services to its customers to roll out a full bouquet of banking services that include term deposits, retail & SME loans.
The bank’s board has Indian stalwarts such as former RBI Executive Director PV Bhaskar, former Shriram Group Director GS Sundarajan and Saama Capital Director Ash Lilani. Vijay Shekhar Sharma (Chairman – Paytm Payments Bank) and Renu Satti (MD & CEO – Paytm Payments Bank) are the other directors.
Earlier this month, Sharma and Paytm’s parent company One97 Communications have infused Rs. 60 crore more into the Paytm Payments Bank. Paytm Payments Bank aims to build a new business model in the banking industry that is focused on bringing financial services to hundreds of millions of unserved or underserved consumers across India.
Like this content? Sign up for our daily newsletter to get latest updates.