Paytm Payments Bank crosses Rs1,000 crore in savings account deposits, launches DBT scheme1 min read . Updated: 21 Apr 2020, 08:32 AM IST
- PPBL says the accelerated rise in the deposits comes on the back of more people embracing digital banking during covid-19
- At present, Paytm Payments Bank has a total of 57 million savings account holders
BENGALURU : Paytm Payments Bank Ltd. (PPBL) said that it has crossed Rs1,000 crore in deposits and has a total of 57 million savings account holders at present.
According to PPBL, this accelerated rise in the deposits comes on the back of more people embracing digital banking during covid-19.
The bank has now implemented the option to avail benefits of Direct Benefit Transfers (DBT), which is a scheme by Government of India to transfer the subsidies of various social welfare schemes like LPG gas subsidy, MNREGA payments, Old Age Pension, Scholarships directly into the beneficiary’s bank account.
PPBL added that its customers can now receive the benefits of over 400 government subsidies directly into their PPBL Savings Account.
“We have always strived to provide a wholesome banking experience to our users, and direct subsidy transfers would help millions of customers, especially those from the tier 2 & 3 cities," said Satish Kumar Gupta, CEO and Managing Director, Paytm Payments Bank.
The payments bank said that PPBL’s savings account holders can opt for DBT by submitting an online request through their Paytm Payments Bank Android app. Once the required details are submitted, it would take 2-3 days to process the request.
The company said that there are no charges for account linking to receive subsidies, and customers can also check the status on their banking app.
Along with this, PPBL also stated that it has over 57 million digital debit cards, and has partnerships with VISA, MasterCard, and RuPay to issue these debit cards.
Last week, PPBL said that it has partnered with Mastercard for the issuance of virtual and physical debit cards. Around then the bank had also expressed its aim to issue over 10 million digital debit cards in FY 2020-21.
At present, PPBL registers over 4.5 million debit card transactions per month.