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Paytm Payments Bank, a new blazon of bank, accountant by the Reserve Coffer of India (RBI) as a payments annual provider, afresh appear that it has surpassed INR 600 Crores (appr. $79.4 million) in anchored drop (FD) accounts, which acquire been maintained through a affiliation with IndusInd Bank.



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The coffer fabricated the advertisement about appropriate afterwards extensive the anniversary of INR 1,000 Crore absolute deposits, and 57 actor extenuative accounts opened as of April 2020.



Paytm Payments Coffer can acquire chump deposits up to Rs. 1 lakh (appr. $1,324) per chump in a wallet, accumulation or accepted account. The coffer may action added cyberbanking casework such as debit cards, online cyberbanking and adaptable banking.

Satish Kumar Gupta, CEO and managing administrator at Paytm Payments Bank, stated:



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“Our efforts are accumbent with our mission of bringing cyberbanking admittance in our country. We accept that abundance administration articles should be accessible to all, irrespective of their breakthrough of wealth.”

Paytm Payments Coffer claims that it’s the alone assisting payments cyberbanking provider in the country. It has alien absolute account alteration (DBT) abutment for government subsidies. The new annual does not allegation fees for bond altered accounts, in adjustment to accept subsidy payments from the Indian government.

Account holders are able to accumulate clue of the cachet of their affairs via the company’s app.

Established in 2017, Paytm Payments Coffer is one of the aboriginal assisting businesses launched by billionaire Vijay Shekhar Sharma-backed One 97 Communications. The close claims that it became assisting aftermost year, accepting becoming INR 19 Crores (appr. $2.5 million) in profits.

The RBI, which regulates India’s absolute cyberbanking system, has issued licenses to 11 payments banks. However, there are alone seven such banks that acquire clearly launched casework in the country.

Other Indian payments banks accommodate Airtel Payments Bank, Aditya Birla Payments Bank, Fino Payments Bank, India Post Payments Bank, Jio Payments Bank, and NSDL Payments Bank.

Although Paytm Payments Coffer appears to be accomplishing able-bodied lately, the agenda payments analysis of One 97 Communications, Paytm, has been experiencing challenges.

Last month, the Unified Payments Interface (UPI) affairs alone to 990 actor affairs (valued at INR 151,000 Crores), which is reportedly the everyman back October of aftermost year.

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