Covid-19: Paytm Payments Bank crosses Rs 1,000 crore in savings deposits

PPBL has been witnessing an accelerated rise in the deposits, as more people are embracing digital banking during Covid-19.

Paytm Payments Bank Ltd (PPBL) said it has crossed Rs 1,000 crore in deposits through over 57 million savings account holders. PPBL has been witnessing an accelerated rise in the deposits, as more people are embracing digital banking during the COVID-19 pandemic.

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, Scholarships directly into the beneficiary’s bank account.  Customers will be able to receive the benefits of over 400 government subsidies directly in their savings bank account. 

“We have always strived to provide a wholesome banking experience to our users, and direct subsidy transfers would help millions of customers, especially those from the tier 2 & 3 cities,” said  Satish Kumar Gupta, CEO & Managing Director, Paytm Payments Bank.

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 2-3 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.

With over 57 million digital debit cards, the bank now has a debit cardholder in every district of India, Paytm said in a statement. It offers flexibility to its customers to choose from VISA, MasterCard, and RuPay debit cards. PPBL registers over 4.5 million debit card transactions per month.