Paytm Payments Bank announced Thursday that it had been granted proposed banking status by the Reserve Bank of India.

The bank was included in the second appendix to the Reserve Bank of India Act of 1934 and approval will help it offer more financial services and products.

The planned banking status will allow the bank to explore new business opportunities, including getting involved in government and other large companies that have published tenders, primary auctions, fixed and floating rate repos, and reverse repos.

It can also attend the Marginal Standing Facility and, according to a statement, is eligible to participate in government financial inclusion programs.

“We have seen rapid adoption of digital banking services with users appreciating the new era of banking in India.

“The addition of Paytm Payments Bank to the second appendix to the Reserve Bank of India Act of 1934 will help us innovate and provide more financial services and products to the underserved and unserved populations of India,” said Paytm Payments Bank MD and CEO Satish said Kumar Gupta.

The bank supports 33.3 crore Paytm wallets and enables consumers to make payments at over 87,000 online merchants and 2.11 crore in-store merchants.

“Over 15.5 million Paytm UPI handles have been created and used to make and receive payments, with Paytm Payments Bank being the largest recipient bank and one of the leading UPI transaction banks in the country.

“In the past financial year, the bank has also developed into the largest issuer and purchaser of FASTags in the country,” the statement said.

(Only the headline and image of this report may have been revised by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)

Dear Reader,

Business Standard has always endeavored to provide updated information and commentary on developments that are of interest to you and that have far-reaching political and economic implications for the country and the world. Your encouragement and constant feedback to improve our offering has only strengthened our determination and commitment to these ideals. Even in these troubled times resulting from Covid-19, we continue to strive to keep you updated with credible news, authoritative views, and concise comments on current affairs.
However, we have a request.

In the fight against the economic effects of the pandemic, we need your support even more so that we can continue to offer you high-quality content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscriptions to our online content can only help us achieve our goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism to which we are dedicated.

Support quality journalism and Subscribe to Business Standard.

Digital editor