Arun Jaitley, Hon’ble Union Minster of Finance has formally inaugurated Paytm Payments Bank, marking a major milestone in the history of India’s financial services sector.
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.”
Paytm Payments Bank is India’s truly 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 setting up KYC centers 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 your 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.
Paytm Payments Bank is India’s only mobile-first bank providing zero balance accounts and zero digital transaction charges.
With Renu Satti as its CEO, it is headquartered in the National Capital Region, India. Paytm Founder and CEO, Vijay Shekhar Sharma owns majority stake in the company, and the remaining share is owned by One97 Communications Ltd. Paytm Payments Bank aims to build a new business model in the banking industry that is focused on bringing financial services to hundreds of millions of un-served or underserved consumers across India.