Paytm Payments Bank Inaugurated as India’s Mobile-First Bank With Zero Minimum Balance, Online Transactions Fee
Paytm has planned an investment of $500 million in KYC (Know Your Customer) operations. It is setting up KYC centers across India to complete KYC for customers and make them eligible for a Payments Bank account.
Paytm Payments Bank opening. (Image: Paytm)
Paytm Payments Bank was inaugurated today by the Union Minister of Finance Mr. Arun Jaitley, marking a first in the history of India’s financial services sector. Paytm Payments Bank is India’s 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.
Also present on the occasion were P. Vijaya Bhaskar, Former Executive Director of Reserve Bank of India, Dilip Asbe, Interim CEO of National Payments Corporation of India (NPCI), Vijay Shekhar Sharma, Founder & CEO of Paytm, and Renu Satti, MD & CEO of Paytm Payments Bank Ltd.
Speaking at the event, Vijay Shekhar Sharma said, "India is at a 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."
Renu Satti 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 un-served and under-served population to the mainstream economy. We are committed to offering the most transparent, safe and trusted banking to masses."
The company has planned an investment of $500 million in KYC (Know Your Customer) operations. It is setting up KYC centres across India to complete KYC for customers and make them eligible for a Payments Bank account.
Important Features of Paytm Payments Bank
· Quick and paperless account opening
· Earn interest on savings account
· Zero-fee account, no minimum balance requirement
· Every online transaction (such as IMPS, NEFT, RTGS, UPI) will be free of charge
· Free personalized RuPay digital debit card
· Withdraw cash from any ATM;
· Access to personalised banking at more than 100,000 Paytm ka ATM locations across India.
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