Last Updated on Dec 15, 2021 by Ayushi Mishra

The Reserve Bank of India has approved Paytm Payments Bank’s inclusion in scheduled banks under the RBI Act, 1934, according to an announcement from One97 Communications. Paytm Payments Bank may now explore new business possibilities as a scheduled payments bank. 

The bank can participate in request for proposals (RFPs) issued by the government and other big enterprises, primary auctions, fixed-rate and variable-rate repurchase agreements, and reverse repurchase agreements, as well as the Marginal Standing Facility (MSF). According to an official announcement, the bank will now be able to participate in government-sponsored financial inclusion programmes.

Satish Kumar Gupta, MD & CEO of Paytm Payments Bank, claimed that the company’s continual goal is to provide better banking services to Indians in order to foster financial inclusion in the country. “We have witnessed a fast adoption of digital banking services, with users appreciating the new era of banking in India. The inclusion of Paytm Payments Bank in the Second Schedule to the Reserve Bank of India Act, 1934, will help us innovate further and bring more financial services and products to the underserved and unserved population in India,” he said.


Paytm Payments Bank now accepts payments via Paytm Wallet, Paytm FASTag, online banking, and Paytm UPI. The bank claims to power 33.3 cr. Paytm Wallets and enables users to make payments at over 87,000 online merchants and 2.11 cr. in-store retailers.

“Over 15.5 crore Paytm UPI handles have been created and are used to make and receive payments, with Paytm Payments Bank being the largest beneficiary bank and one of the top remitter banks for UPI transactions in the country. In the last fiscal year, the bank has also become the largest issuer and acquirer of FASTags in the country,” the company stated.

Ayushi Mishra
Subscribe
Notify of
guest
2 Comments
Inline Feedbacks
View all comments

The blog posts/articles on our platform are purely the author’s personal opinion and do not necessarily represent the views of Anchorage Technologies Private Limited (ATPL) or any of its associates. The content in these posts/articles is for informational and educational purposes only and should not be construed as professional financial advice. Should you need such advice, please consult a professional financial or tax advisor. The content on our platform may include opinions, analysis, or commentary, which are subject to change, without notice, based on market conditions or other factors. Further, the use of any third-party websites or services linked on the website is at the user's discretion and risk. ATPL is not responsible for the content, accuracy, or security of external sites. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL (in case of IAs) and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. The examples and/or securities quoted (if any) are for illustration only and are not recommendatory. Any reliance you place on such information is strictly at your own risk. In no event will ATPL be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.

By accessing this platform and its blog section, you acknowledge and agree to the Terms and Conditions of this website, Privacy Policy and Disclaimer.