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May 23, 2017

Paytm Payments Bank Launched - Important Details to Know

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Vijay Shekhar Sharma-led digital wallet Paytm today launched its Payments Bank operations in Delhi-NCR. With this, there are three payments banks now in India, including Airtel Payments Bank Ltd and India Post Payments Bank Ltd. Paytm received licence from the RBI to open payments bank in 2015 and was scheduled to commence operations around Diwali last year, but got delayed by several months. Here are some important points you should know about Paytm Payments Bank.

Important Points about Paytm Payments Bank :

  • The bank will offer 4 per cent interest per annum on deposits. Rival payments banks Airtel and India Post offer higher interest rates at 7.25 per cent and at 4.5-5.5 per cent respectively.
  • The first one million customers to open an account with Paytm Payments Bank and reach a deposit of Rs 25,000 will get a cashback of Rs 250 instantly.
  • Paytm Payments Bank accounts will initially be available on an invite-only basis. In the first phase, the company will roll out its beta banking app for its employees and associates.
  • Paytm Payments Bank will offer zero balance accounts and all online transactions via channels like IMPS, RTGS, and NEFT will be free.
  • Paytm Payments Bank can accept Rs 1 lakh per account, as per RBI (Reserve Bank of India) guidelines for payment banks. A payments bank cannot lend or give advance to customers. It can issue cheque books and debit cards but not credit cards.
  • Paytm will offer virtual Rupay debit cards to customers immediately and physical card on request for withdrawing cash from any ATM in the country.
  • If you are an existing Paytm user your money will be transferred to the Paytm Payments Bank Limited as the wallet business will become part of the new company. It will happen automatically, and you need not do anything.
  • The maiden branch of Paytm Payments bank opens in the National Capital region of Delhi in Noida on Tuesday. The company has a target of acquiring 500 million customers by 2020.
  • Paytm Payments Bank will get Rs 400 crore in investment in the first two years of operation. One97 Communications founder Vijay Shekhar Sharma owns a 51 per cent stake in the payments bank, as per regulatory requirements, with the remaining stake owned by One97 Communications. Sharma and One97 have together invested about Rs 220 crore in the payments bank so far.
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