Paytm Payments Bank became most preferred UPI beneficiary bank in India

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).
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