Arun Jaitley launches Paytm Payments Bank

A new Payments Bank ‘Paytm Payments Bank’ was formally launched at the hands of the Union Finance Minister Arun Jaitley. Currently, India has four Payments Bank including Paytm Payments Bank. The other three operational ones are Airtel Payments Bank, India Post Payments Bank and Fino Payments Bank.

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. These banks cannot however lend money to their customers.
Static/Current Takeaway Points Important for IBPS Clerk  Mains 2017 Exam-
  • Vijay Shekhar Sharma is the Chairman in the Paytm Payments Bank.
  • There is no minimum balance requirement for your Paytm Payments Bank Savings Account.
Source- The Hindu Business Line

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