Nifty99000 100%

Sensex99000 100%

Article rating: 4.0
Article rating: 3.9
Article rating: 5.0
Article rating: 4.0
Article rating: 4.5
Article rating: 3.8
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating


Paytm unveils payments bank, targets 500 mn customers by 2020

Author: IANS/Tuesday, May 23, 2017/Categories: Technology

Paytm unveils payments bank, targets 500 mn customers by 2020

New Delhi, (IANS) Fintech company Paytm on Tuesday unveiled its payments bank becoming the first one to offer cashback on deposits. It aims to become the preferred bank for 500 million Indians by 2020.

 Customers will also be offered zero charge on all online transactions and there would be no minimum balance requirement, the firm said in a statement here.
 "This account has been designed to help achieve financial inclusion in our country, in line with Paytm's mission of bringing half a billion Indians into the mainstream economy." 
 The company aims to get people to move their money from cash to digital ecosystem, it said.
 Paytm Payments Bank accounts would initially be available on an invite-only basis. 
 In the first phase, the company would roll out its beta banking app for its employees and associates. Paytm customers could request an invite by going to or on the Paytm iOS app.
 The company is setting up KYC centres across India to complete the know your customer operation for customers and make them eligible for a Payments Bank account. 
 This would be a mobile-first product with first-of-its-kind feature of cashback on deposits. 
 Every customer to open a Payments Bank account would get a cashback of Rs 250 as soon they bring deposits of a total of Rs 25,000 in their bank account. 
 The accounts would have zero balance requirement and every online transaction (such as IMPS, NEFT, RTGS -- emergency fund transfers) would be free of charge. 
 For savings accounts, the company would also offer an interest of four per cent per annum. Paytm would also offer current accounts to its millions of merchants.
 Speaking at the launch, Paytm Payments Bank Chairman Vijay Shekhar Sharma said: "The RBI has given us an opportunity to create a new kind of banking model in the world. We are proud that our customer deposits will be safely invested in government bonds, and be used for nation-building. None of our deposits will be converted into risky assets."
 Paytm Payments Bank CEO Renu Satti said: "We are very excited to launch Paytm Payments Bank and bring financial services to the unbanked segment of Indians. Our ambition is to become India's most trusted and consumer-friendly bank. Leveraging power of technology, we aim to become the preferred bank for 500 million Indians by 2020."
 Paytm is aiming to replicate its success in the banking sector and further drive cashless transactions with the Paytm Payments Bank. 
 "The current Paytm wallet will move to the Paytm Payments Bank in the same capacity, i.e. KYC wallet... Users will continue to be able to use their Paytm Wallet in the same manner as before," it said.

Print Rate this article:
No rating

Number of views (150)/Comments (0)

S Vijaykrishnan
S Vijaykrishnan


Other posts by IANS
Contact author

Leave a comment

Add comment



Ask the Finapolis.

I'm not a robot
Dharmendra Satpathy
Col. Sanjeev Govila (retd)
Hum Fauji Investments
The Finapolis' expert answers your queries on investments, taxation and personal finance. Want advice? Submit your Question above
Want to Invest



The technical studies / analysis discussed here can be at odds with our fundamental views / analysis. The information and views presented in this report are prepared by Karvy Consultants Limited. The information contained herein is based on our analysis and upon sources that we consider reliable. We, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and we are not responsible for any loss incurred based upon it. The investments discussed or recommended in this report may not be suitable for all investors. Investors must make their own investment decisions based on their specific investment objectives and financial position and using such independent advice, as they believe necessary. While acting upon any information or analysis mentioned in this report, investors may please note that neither Karvy nor Karvy Consultants nor any person connected with any associate companies of Karvy accepts any liability arising from the use of this information and views mentioned in this document. The author, directors and other employees of Karvy and its affiliates may hold long or short positions in the above mentioned companies from time to time. Every employee of Karvy and its associate companies is required to disclose his/her individual stock holdings and details of trades, if any, that they undertake. The team rendering corporate analysis and investment recommendations are restricted in purchasing/selling of shares or other securities till such a time this recommendation has either been displayed or has been forwarded to clients of Karvy. All employees are further restricted to place orders only through Karvy Consultants Ltd. This report is intended for a restricted audience and we are not soliciting any action based on it. Neither the information nor any opinion expressed herein constitutes an offer or an invitation to make an offer, to buy or sell any securities, or any options, futures or other derivatives related to such securities.

Subscribe For Free

Get the e-paper free