Paytm Payments Bank to open doors today
According to reports, Paytm Payments bank will become operational from today and will expand to 31 branches and 3,000 customer service points in the first year, company stated it in an official statement.
Notably, the bank will also offer a cashback of Rs.250 to customers depositing 25,000 in the payment bank. Paytm Payments can get Rs.400 crore investment in first two years of its operation. Notably, One97 communications and founder Vijay Shekhar Sharma personally owns a 51 percent stake in payment bank, as per regulatory requirements the remaining shares are owned by One97communications.
As per reports, One97commuications and Sharma have already invested about Rs.220 cr0re in the payments bank.
One97 communications, the parent company will transfer the wallet business to Paytm Payments bank on Tuesday, the company had informed its customers, allowing them the option to discontinue by sending relevant communication to the company before the launch date.
Paytm Payments Bank would be headed by Renu Satti as CEO. Opening an account in Paytm Payments Bank is hassle free as it have a zero balance requirement and will have online transactions such as IMPS, NEFT and RTGS free of charge.
According to the company, it will offer an interest of 4%per annum for saving accounts. The company further added, the first million customers to open a payments bank account and reach a deposit of 25,000 will instantly get a cashback of Rs.250.
Payments Bank can accept Rs.1 lakh for each account. The bank will also roll out its banking app in the beta phase, initially for its employees. The payments bank will also RUPay debit cards to its customers.
Earlier, Airtel had also launched payment bank in Rajasthan. The Airtel Payments Bank was India’s first payments bank
Have a news story, an interesting write-up or simply a suggestion? Write to us at