Paytm Payments Bank gets scheduled bank status

Paytm Payments Bank gets scheduled bank status

Daily Current Affairs   /   Paytm Payments Bank gets scheduled bank status

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Category : Business and economics Published on: December 10 2021

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  • The Reserve Bank of India has designated Paytm Payments Bank as a scheduled bank.
  • The bank has been included in the Second Schedule to the Reserve Bank of India Act, 1934, and the approval will allow it to provide additional financial services and products.
  • Paytm Payments Bank, as a scheduled payments bank, has the ability to pursue new business opportunities.
  • The Bank is now eligible for participation in government-run financial inclusion initiatives.
  • Paytm Payments Bank has emerged as one of the country's largest enablers of digital payments, with payment instruments such as Paytm Wallet, Paytm FASTag, net banking, and Paytm UPI.
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