Arun Jaitley, Union Minster of Finance, formally inaugurated Paytm Payments Bank today, marking a major milestone in the history of India’s financial services sector.
Also present on the occasion were P. Vijaya Bhaskar, former executive director of Reserve Bank of India; Dilip Asbe, interim CEO of National Payments Corporation of India (NPCI); Vijay Shekhar Sharma, founder and CEO of Paytm, and Renu Satti, MD and CEO of Paytm Payments Bank.
Vijay Shekhar Sharma said, "India is at a cusp of a financial revolution. The demography and access to financial services will create a ton of jobs in the country and Paytm is very proud to be a part of this financial services revolution. Paytm Payments Bank will work towards creating a massive number of jobs in the long run."
Renu Satti said, "Paytm Payments Bank is the country’s largest mobile-first, technology-led bank. By virtue of reaching every nook and corner of the country, we will be able to bring the large un-served and under-served population to the mainstream economy. We are committed to offering the most transparent, safe and trusted banking to masses."
Paytm Payments Bank is India’s truly mobile-first bank with zero charges on all online transactions and no minimum balance requirement. 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.
The company has planned an investment of $500 million in KYC (Know Your Customer) operations. It is setting up KYC centers across India to complete KYC for customers and make them eligible for a Payments Bank account.
The Paytm Payments Bank is offering paperless account opening, zero-fee account with no minimum balance requirement, free-of-charge online transaction such as IMPS, NEFT, RTGS, UPI, withdraw cash from any ATM, and access to personalised banking at more than 100,000 Paytm ka ATM locations across India.