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Paytm Payments Bank received Scheduled Bank Status

Published on December 12, 2021
Current Context: The Reserve Bank of India has granted scheduled bank status to the Paytm Payments Bank.
Paytm Payments Bank received Scheduled Bank Status
  • With the status the Paytm Payments Bank in inducted in the Second Schedule to the Reserve Bank of India Act, 1934.
  • This will lead to bringing more financial services and products to the Paytm Payments Bank.
  • Due to this, the bank has become eligible to participate in government- and other large corporations-issued requests for proposals, primary auctions, fixed-rate and variable rate repos, and reverse repos.
  • It can participate in marginal standing facilities and become a partner in various financial inclusion schemes of GOI.
  • It has also become eligible for refinancing facility from the RBI at the bank rate.
  • It also has the authority for a currency storage facility.
  • Static Part: 
    • HQ of Paytm Payments Bank: Noida, Uttar Pradesh
    • MD and CEO of Paytm Payments Bank: Satish Kumar Gupta

Question: 

Q.1 Which Payment bank received scheduled bank status from RBI?
a. Paytm Payments Bank
b. Airtel Payment Bank
c. NSDL Payment Bank
d. Jio Payment Bank
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