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.

Paytm Payments Bank gets scheduled bank status