Paytm Payments Bank has announced that it has been included in the second schedule to the Reserve Bank of India Act, 1934.
Being a scheduled payments bank, Paytm Payments Bank can now explore new business opportunities. The bank can participate in government and other large corporations issued Request for Proposals (RFP), primary auctions, fixed-rate and variable rate repos, and reverse repos, along with participation in Marginal Standing Facility. The bank will also be eligible to partner in government-run financial inclusion schemes.
Satish Kumar Gupta, MD & CEO of the bank said, “It is our constant endeavour to bring better banking services for Indians to drive financial inclusion in the country. We have witnessed a fast adoption of digital banking services, with users appreciating the new era of banking in India. The inclusion in the second schedule will help us innovate further and bring more financial services and products to the underserved and unserved population in India.”
The bank powers 333 million Paytm Wallets and enables consumers to make payments at over 87,000 online merchants and 21.1 million in-store merchants.
