Payments Bank 'Paytm Payments Bank' was formally launched by the Union Finance Minister Arun Jaitley.
- 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.
