Paytm Payments Bank has been officially inaugurated by Arun Jaitley, the Union Minister of Finance. This is billed to be the first ever mobile-only bank in the country which will have absolutely zero charges for online transactions and no requirement for minimum balance. This move is aimed at ensuring greater financial inclusion throughout the country.
Paytm has already scheduled a $500 million investment for operations linked to KYC (Know Your Customer). It is establishing KYC centres throughout the country for KYC completion of customers and scale up their eligibility for setting up a payments bank account. The event was attended by the Founder & CEO of Paytm, Vijay Shekhar Sharma and the MD & CEO of Paytm, Renu Satti along with the Interim CEO at the National Payments Corporation of India, Dilip Asbe and the ex-Executive Director at Reserve Bank of India, P. Vijaya Bhaskar.
Paytm Payments Bank is billed to be part of a huge financial revolution taking place in India. This move is aimed at sparking higher job creation throughout the country. This will be a mobile-first payments bank driven majorly through technology. Paytm aims at covering the under-served or un-served masses with a safe and transparent banking framework. Some of the key features of the Paytm Payments Bank include the following:
- Paperless and swift opening of accounts
- Interest for savings accounts
- Free online transactions like NEFT, IMPS, UPI and RTGS
- No requirement of minimum balance; zero-fee account
- Cash withdrawal from any ATM
- Free personalization of RuPay digital debit card
- Personalized banking access across 100,000+ ATM/Paytm locations