Paytm Payments Bank said it has been given the scheduled banks status by the Reserve Bank of India on Thursday. The bank has been included in the Second Schedule to the Reserve Bank of India Act, 1934 and the approval will help it to bring more financial services and products.
With the new status, the bank can explore new business opportunities, including participation in government and other large corporations issued request for proposals, primary auctions, fixed-rate and variable rate repos, and reverse repos.
According to a statement, it can participate in Marginal Standing Facility and will be eligible to partner in government-run financial inclusion schemes.
The bank has witnessed a fast adoption of digital banking services, with users appreciating the new era of banking in India.
Paytm Payments Bank said that the bank’s inclusion in the Second Schedule to the Reserve Bank of India Act, 1934, will help us innovate further and bring more financial services and products to the underserved and unserved population in India.
The bank facilitates Rs 33.3 crore Paytm Wallets and enables consumers to make payments more than 87,000 online merchants and 2.11 crore in-store merchants.
Over 15.5 crore Paytm UPI handles have been created and are used to make and receive payments with Paytm Payments Bank being the largest beneficiary bank and one of the top remitter banks for UPI transactions in the country.
The statement said that in the last fiscal year, the bank has also become the largest issuer and acquirer of FASTags in the country.
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