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The bank has unveiled 'Paytm Ka ATM' outlets that allows customers to open Saving Accounts and deposit/withdraw money from their bank accounts. These specially branded outlets will play a key role in bringing banking access to smaller cities and towns by ensuring customers find it easy to locate an access point near them.
The company has also introduced a dedicated 'Bank' section on Paytm app where the entire range of banking services including payments, digital debit card, passbook, help and support among others. The bank has been designed to help achieve financial inclusion in the country and is in line with Paytm's mission of bringing half a billion Indians on to the mainstream economy.
In the first phase, Paytm has started with 3,000 'Paytm Ka ATM' points in select cities including Delhi NCR, Lucknow, Kanpur, Allahabad, Varanasi and Aligarh.
These outlets feature local banking correspondents who help customers in depositing and withdrawing money from their Paytm Payments Bank account, making banking simpler and more accessible for one and all.
For example: an auto/taxi driver can now visit 'Paytm Ka ATM' outlet to deposit his money into a Paytm Payments Bank Savings Account to earn interest; and withdraw whenever required.
The company is set to add over 100,000 Paytm Ka ATM banking outlets across India to expand the reach of its banking services to the entire country, including the south and east. It has committed Rs. 3000 crore over the next three years to expand offline distribution network by allowing trusted local partners to act as potential cash-in and cash-out points.
"This will enable our customers to visit their trusted neighborhood outlet to open their bank account, deposit and withdraw cash, in addition to getting their Aadhaar linked. We believe this hyper-local model of banking will play a crucial role in enabling hundreds of millions of under-served and un-served customers to gain access to quality banking services," said MD and CEO - Paytm Payments Bank, Renu Satti.
Union Finance Minister Arun Jaitley formally inaugurated Paytm Payments Bank on Nov 28, marking a major milestone in the history of India's financial services sector.
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