PayTm Launches Payments Bank

2019 ias preliminary exam test series

Paytm has launched its own Paytm Payments Bank. Customers will also be offered zero charges on all online transactions and no minimum balance requirement.

The Payments Bank plans to roll out 31 branches and 3,000 customer service points in the first year.

For savings accounts, it will offer an interest of 4 percent per annum. It will also offer current accounts to its millions of merchants.

Paytm Payments Bank accounts will initially be available on an invite only basis. In the first phase, the company will roll out its beta banking app for its employees and associates.

Paytm Payments Bank will offer Rs. 250 cashback to customers depositing Rs. 25,000 to Payments Bank account. It has become the first payment bank to offer cashbacks on deposits.

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