On Tuesday, PayTM CEO Vijay Shekhar Sharma formally announced the launch of Patmium Payments Bank, whose services were already available to everyone through the latest update of the Petmi App. With Monday’s announcement, in addition to online banking services, offline presence also remains well. Finance Minister Arun Jaitley participated in a launch program, Sharma told how the bank will grow, and share some information about the progress made so far.
For clarity – PayTM Wallet and PayTM Payments Bank are two different entities, the jacket will continue to work, but if you already have a mobile app to manage your Wallet, then you can use it to manage your bank account. If you choose to open one, the Wallet operates separately from the bank account, they are not connected, so you can use the wallet without any changes. Guests can even create a bank account.
PayTM Bank officially opened its services in May this year There are some differences between payment banks and mobile pocket – these accounts are similar in that they are designed to be easily managed digitally, with one of these rupees Limit of 1 lakh on deposits However, payments can offer bank debit cards and can pay interest on the money deposited in the account.
Creating a Patiala Payments bank account works very smoothly from the mobile app, because you just have to sign-in, request an account, and then enter your address for KYC formalities. If you have already made KYC for Pettym Wallet, then this step is also not necessary.
On this incident, Finance Minister Jaitley talked about the importance of a digital platform, which has made the banking system easy for everyone, it has been described as “a new chapter in history every day, every day There are some such initiatives which help in making the economy more formal. ”
PayTM Payments Bank is also offering a cash withdrawal on deposits (up to 1,000 rupees in four phases of Rs 250), and it is paying interest rate of 4 per cent, Sharma, while addressing this launch said that this amount is actually 4 7 percent from the percentile. “Your savings account is 4 percent, like any other bank, but we have a swipe-in FD where there is zero fee for construction or breakdown,” and the customer can see it as a long-term savings product, and Which is paying at 7 percent. ”
On this incident, Finance Minister Jaitley talked about the importance of a digital platform, which has made the banking system easy for everyone, it has been described as “a new chapter in history every day, every day There are some such initiatives which help in making the economy more formal. ”
PayTM Payments Bank is also offering a cash withdrawal on deposits (up to 1,000 rupees in four phases of Rs 250), and it is paying interest rate of 4 per cent, Sharma, while addressing this launch said that this amount is actually 4 7 percent from the percentile. “Your savings account is 4 percent, like any other bank, but we have a swipe-in FD where there is zero fee for construction or breakdown,” and the customer can see it as a long-term savings product, and Which is paying at 7 percent. ”
He also reiterated what was previously announced – Minimum balance requirements or charges are not available for online transactions. Before that, PayTM had announced that it would not deploy ATMs, but on Monday he mentioned that the company was established Is also working to do However, this is calling “ATM of PayTM” from where the company will work for the operation of deposits and withdrawals with a business correspondent network.
“PayTM ATM – is a person, you can take money with your thumb or card, deposit it, and for some day launch, our petty ATM will have 100,000 distribution points,” Sharma says. “It is a banking business model led by a BC [Business Correspondent].” These will be merchants who can go and when you take cash or when you deposit a cash, money can be debited from your account immediately. The business correspondent will also be able to verify users with the basis, and payment can be made by AEPS (Aadhar enabled payment system), Sharma said.
There will be no charge for depositing money in your PayTM account and through the ATM there will be no charge till the three sub-stations (and up to 5 in non-metro), or branches will be free. The goal is to open physical branches.
There will be no charge for depositing money in your PayTM account and through the ATM there will be no charge till the three sub-stations (and up to 5 in non-metro), or branches will be free. The goal is to open physical branches.
Aadhaar has been made a big driver for the business of Peti M., he said, explaining that there has been a significant reduction in customer acquisition cost for e-KYC. “Today we have 1.2 million biometric devices, where you can do KYC. We are doing more than 50,000 KYC every day, “says Sharma,” the base has proved to be a boon for us. “He also said that every trader who accepted the PayTM payment, BHIM will accept the UPA transaction and said that Pettyma By the end of the year, the largest trader for the UPA has planned to acquire.