Paytm launches payments bank Tuesday May 23,2017

Paytm on Tuesday May 23,2017 unveiled the Paytm Payments Bank becoming the first bank to offer cashbacks on deposits.

Customers will also be offered zero charges on all online transactions and no minimum balance requirement.

Paytm Payments Bank accounts will initially be available on an invite only basis. In the first phase, the company will roll out its beta banking app for its employees and associates. Paytm customers can request an invite by going to www.PaytmPaymentsBank.com or on the Paytm iOS app, said a release issued by Paytm.

Paytm Payments Bank will offer Rs. 250 cashback to customers depositing Rs. 25,000 to Payments Bank account.

Paytm has been quoted as saying that the first one million customers to open a Payments Bank account and reach a deposit ₹25,000 will get a cashback of ₹250 instantly. The statement added that account will feature zero balance requirement and every online transaction would be free of cost.

Paytm is the third entity in the country to launch a payments bank after Airtel and India Post.

The company’s statement read: We are delighted to let you know that we have received the final licence for Paytm Payments Bank from RBI and are in the process of launching on 23 May, 2017. Renu Satti will be the CEO of Paytm Payments Bank.”

“The core mission of Paytm Payments Bank will be to cater to the requirements of the un-served and under-served communities of India, and bring them to the mainstream economy. We are looking forward to making Paytm Payments Bank available to all our users very soon,” it added.

One97 Communication Ltd, which owns Paytm, will offers services that have been approved by the Reserve Bank of India (RBI).

The payments bank will incorporate and manage the existing wallet service, and new permanent bank accounts will bring with them a slew of financial features.

The company is also setting up KYC centres across India to assist its customers in opening accounts.

Paytm Payments Bank accounts will initially be available on an invite-only basis. In the first phase, the company will roll out its beta banking app for its employees and associates