FM Arun Jaitley launches Paytm Payments Bank

Updated:7 years, 11 months ago

New Delhi, Nov 29 (ANI): Union Finance Minister Arun Jaitley on Tuesday inaugurated Paytm Payments Bank in New Delhi. Speaking at the launch event, the Finance Minister said that a new chapter in history has been written with the launch of this new Payments Bank. Payments banks are niche banks that were allowed by the India's federal bank in a bid to expand access to financial services in Asia's third-largest economy. A Payments Bank is a differentiated Bank. A customer can open a savings bank account in them and have deposits of upto Rs. 1 lakh. However, these banks cannot lend money to their customers. Billed as India's only mobile first bank providing zero balance accounts and zero digital transaction charges, Paytm Payments Bank also provides free personalised RuPay digital debit card.

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