Paytm Payments Bank became most preferred UPI beneficiary bank in India

Daily Current Affairs / Paytm Payments Bank became most preferred UPI beneficiary bank in India

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Category : Business and economics Published on: January 18 2022

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Paytm Payments Bank Ltd (PPBL) became the largest and fastest-growing UPI beneficiary bank in India.
It has become the first beneficiary bank in the country to achieve this feat by doing more than 926 million UPI transactions in a month.
Beneficiary banks are the banks of the account holder who is receiving money. Paytm Payments Bank has also gained rapid traction as a remitter bank for UPI payments.
While State Bank of India (SBI) topped the chart of being the biggest remitter in December 2021, according to data released by the National Payments Corporation of India (NPCI).