Paytm on Tuesday has launched its very own banking system called Paytm Payments Bank that customers will be able to operate via the Paytm Wallet app. There is no physical branch that Paytm have introduced, but all banking operations will take place via the app itself.
Also Read: Paytm Starts Operations As A Payments Bank
This is the first bank in India to offer cashback to customers on deposits. Also, customers will be offered zero charges on all online transactions and there will be no minimum balance required.
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RBI has given us an opportunity to create a new kind of banking model in the world. We are proud that our customer deposits will be safely invested in government bonds and be used for nation building. None of our deposits will be converted into risky assets.Vijay Shekhar Sharma, Chairman, Paytm Payments Bank
Although this is another banking service offered by Paytm, don’t consider it as just another bank as it does have a lot of limitations.
In order to avail the services of Paytm Payments Bank, one will have to download the Paytm app and register themselves via the KYC (Know Your Customer) portal of the app.
Existing customers will receive a message from Paytm regarding your current wallet balance being transferred to the Paytm Payments Bank account. There is also a procedure if you do not wish to continue with Paytm Payments Bank.
The introduction of Paytm Payments Bank will not affect the functioning of the Paytm Wallet app and the application will continue to be used in the same manner as before.
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