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Paytm Payments Bank gets highest target for digital transactions

Paytm Payments Bank has received a target of 501.16 crore digital transactions for the financial year 2019-20 from the ministry of electronics and information technology, which is higher than the targets set for major banks including HDFC Bank, ICICI Bank and Punjab National Bank. The bank said in a statement it is only behind the State Bank of India, which has the highest target for digital transactions. The other banks that have received the targets are Axis Bank and Union Bank of India. In 2018-19, the bank surpassed the target of 354 crore transactions and recorded 393 crore digital transfers. It has a market share of 19% and 32% respectively, in terms of mobile banking and UPI transactions. The statement also added that nearly a third of the total mobile banking transactions in India are powered by Paytm Payments Bank and it processes over Rs 3 lakh crore worth of digital transactions on an annual basis.

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