Finance Minister Jaitley launches Paytm Payments Bank

To support digital payment system, Hon’ble Union Finance Minster Arun Jaitley formally inaugurated Paytm Payments Bank recently.

Paytm Payments Bank is mobile-first bank with zero charges on all online transactions and no minimum balance requirement. The bank has been designed to help achieve financial inclusion in the country and is in line with Paytm’s mission of bringing half a billion Indians on to the mainstream economy.

The company has planned an investment of $500 million in KYC (Know Your Customer) operations. It is also setting up KYC centres across India to complete KYC for customers and make them eligible for a Payments Bank account.

Speaking at the event, Vijay Shekhar Sharma, Founder & CEO of Paytm, said, "India is at the cusp of a financial revolution. The demography and access to financial services will create a ton of jobs in the country and Paytm is very proud to be a part of this financial services revolution. Paytm Payments Bank will work towards creating a massive number of jobs in the long run."

Commenting on the same, Renu Satti, MD & CEO, Paytm Payments Bank Ltd, said, "Paytm Payments Bank is the country’s largest mobile-first, technology-led bank. By virtue of reaching every nook and corner of the country, we will be able to bring the large unserved and underserved population to the mainstream economy. We are committed to offering the most transparent, safe and trusted banking to masses."

The features of Paytm Payments Bank include Quick and paperless account opening. One can also earn interest on your savings account. It is a Zero-fee account means there is no need to pay any money to open an account. Unlike other accounts, there is no minimum balance required. Every online transaction (such as IMPS, NEFT, RTGS, UPI) will be free of charge, Free personalized RuPay digital debit card for easy access. One can also withdraw cash from any ATM. It makes the process of banking easy with access to personalized banking at more than 100,000 Paytm ka ATM locations across India.