Paytm Payments Bank has officially stated that it will be pumping in close to Rs. 3,000 crore for establishing a gargantuan network of over 1 lakh consumer touch points for banking services. These will be known as Paytm Ka ATMs and will be set up over a period of three years in India. Senior officials have confirmed that the Paytm Ka ATMs will help customers easily access basic banking services and they can easily visit neighborhood outlets for withdrawing/depositing cash, opening bank accounts and also linking Aadhar numbers.
This is a hyper-local banking setup that Paytm Payments Bank is targeting and this will help millions of customers who are un/under-served, get access to the best banking services as per company officials. According to the latest reports, Paytm already has a network of around 3,000 such ATMs which have cash-out and cash-in points. These are located in cities like Lucknow, Delhi-NCR, Varanasi, Kanpur, Aligarh and Allahabad.
Paytm Payments Bank obtained registration in 2016 but chose to launch its operations only a week earlier. Other such payments banks such as India Post Payments Bank, Fino Payments Bank and Airtel Payments Bank have already started operating in India. The Jio Payments Bank is also expected to get a formal launch sometime soon.
Paytm Payments Bank is already offering a digital debit card absolutely free of cost along with online transfer of funds without any charges. There is also accidental insurance up to a sum of Rs. 2 lakh. Most banks have charges for interbank transfers of funds. Paytm Payments Bank is now looking to enter into tie-ups with full-service financial institutions and banks for offering credit cards, loans and other banking solutions.