Paytm Payments Bank Officially Launched by Finance Minister

Published on November 29, 2017
Payments Bank 'Paytm Payments Bank' was formally launched by the Union Finance Minister Arun Jaitley.

Paytm Payments Bank Officially Launched by Finance Minister

  • In last two years, Paytm has invested Rs.5,000 crore in payments and financial services space (does not include commerce side)
  • Currently, India has four Payments Bank including Paytm Payments Bank. 
  • The other three are Airtel Payments Bank, India Post Payments Bank and Fino Payments Bank.
  • 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.
  • Paytm Payments Bank is India's only mobile first bank providing zero balance accounts and zero digital transaction charges
  • It also provides free personalised RuPay digital debit card.
  • Eery online transaction (such as IMPS, NEFT, RTGS, UPI) will be free of charge. 
  • One could also withdraw cash from any ATM.

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