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Paytm Payments Bank gets scheduled bank status
Photo Credit: Reuters

Paytm Payments Bank Ltd on Thursday said it has been included in the second schedule to the Reserve Bank of India Act and is now a scheduled payments bank.

Interestingly, RBI had announced this on 7 October and said, “Paytm Payments Bank Ltd has been included in the second schedule to the Reserve Bank of India Act, 1934 vide notification...dated 6 September 2021 and published in the Gazette of India dated 2-8 October 2021”.

Paytm Payments Bank on Thursday said it can now participate in government and other large corporations issued Request for Proposals (RFP), primary auctions, fixed-rate and variable rate repos, and reverse repos, along with participation in Marginal Standing Facility. The bank would now also be eligible to partner in government-run financial inclusion schemes, it said.

As per the RBI Act, banks satisfying the RBI that its affairs are not being conducted in a manner detrimental to the interests of its depositors, are included in the second schedule, it said.

“It is our constant endeavour to bring better banking services for Indians to drive 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,” said Satish Kumar Gupta, managing director and chief executive of Paytm Payments Bank Ltd.

The bank said in a statement that it powers 333 million Paytm Wallets and enables consumers to make payments at over 87,000 online merchants and 21.1 million in-store merchants. It said that over 155 million 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.

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