Paytm Payments Bank crosses Rs 1000 crore in savings account deposits; launches Direct Benefit Transfers scheme
- Now facilitates government subsidies directly into the bank accounts
Paytm Payments Bank Ltd (PPBL), which is India’s largest & only profitable payments bank has crossed one more milestone in its successful journey. The bank today announced that it has crossed Rs. 1000 crore in deposits by over 57 million savings account holders. PPBL has been witnessing an accelerated rise in the deposits, as more people are embracing digital banking during this global pandemic of COVID-19.
In a statement, PPBL has also confirmed that its customers can now receive the benefits of over 400 government subsidies directly into their PPBL Savings Account. 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.
Satish Kumar Gupta, CEO & Managing Director, Paytm Payments Bank said, “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”.
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. There are no charges for account linking to receive subsidies, and customers can also check the status on their banking app.
The bank which was started with the aim of bringing the underserved masses into digital banking fold has continued to lead the way. Besides offering current & savings bank accounts, the bank has also played a leading role in spreading the reach of debit cards across the country. With over 57 million digital debit cards, the bank now has a debit cardholder in every district of India. It offers flexibility to its customers to choose from VISA, MasterCard, and RuPay debit cards. PPBL registers over 4.5 million debit card transactions per month.