Paytm Payments Bank has got the Scheduled Bank Status from the central bank RBI. Paytm Payments Bank has been included in the second schedule of the RBI Act, 1934. After joining this, it can now become a part of government financial inclusion schemes and adopt new business opportunities. Apart from this, Paytm Payments Bank can participate in Request for Proposals (RFP), initial auction, fixed rate and variable rate repo-reverse repos and marginal standing facility issued by government and other large corporations.
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This is what analysts believe
Prior to Paytm Payments Bank, India Post Payments Bank was given Scheduled Payments Bank status by RBI two years ago in the year 2019 and after that in early 2021 this year Fino Payments Bank also got this status. Payments bank can deposit money up to a maximum of Rs 1 lakh and it cannot issue credit cards or give loans. In such a situation, a senior analyst of a domestic rating agency believes that even after getting the new status of Paytm Payments Bank, there will be no significant increase in earnings due to limitations. However, Satish Kumar Gupta, MD-CEO of Paytm Payments Bank, says that after being included in the second schedule of the RBI Act, it will now help them to adopt new methods and more financial services and products will be available to the people.
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Paytm Payments Bank provides many services
Paytm Payments Bank provides a wide range of services. This Paytm Wallet. Paytm provides services like FASTag, net banking and Paytm Unified Payments Interface (UPI). It operates 333 million Paytm wallets and through this, customers can make payments with more than 87 thousand online merchants and over 2.11 crore in-store merchants. According to the company release, more than 155 crore Paytm UPI handles have been created so far and payments can be made or received through it.
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