Paytm Payments Bank Ltd (PPBL) crossed another milestone, as it announced on Tuesday, April 21, that it has crossed Rs 1,000 crore in deposits by over 57 million savings accounts holders. In fact, PPBL has been witnessing an accelerated rise in the deposits as the global coronavirus pandemic forces more people to embrace digital banking practices.
Satish Kumar Gupta, CEO & Managing Director of Paytm Payments Bank, said in a statement:
“We have always striven to provide a wholesome banking experience to our users, and direct subsidy transfers would help millions of customers, especially those from the Tier II and III cities”.
In a statement issued by PPBL, it has also confirmed that its customers can now receive the benefits of over 400 government subsidies directly into their PPBL Savings Account. The bank has now implemented the option to avail benefits of Direct Benefit Transfers (DBT), which is a scheme by Government of India to transfer the subsidies of various social welfare schemes like LPG gas subsidy, MNREGA payments, Old Age Pension, and scholarships directly into the beneficiary’s bank account.
Interestingly, PPBL’s savings account holders can opt for DBT by submitting an online request through their Paytm Payments Bank Android app. Once the required details are submitted, it would take up to three days to process the request. There are no charges for account linking to receive subsidies, and customers can also check the status on their banking app.
PPBL, which is focussed on bringing the underserved into digital banking, register over 4.5 million debit card transactions every month. In fact, with over 57 million digital debit cards, the bank now claims to have a debit cardholder in every district of India. Earlier this month, PPBL announced that it has now issued Mastercard debit cards to its account holders to enable them perform online transactions, make payment in stores as well as withdraw cash from ATMs.
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