Existing Paytm users need to complete a KYC process to become an account holder with PPB. Following this, they will be issued a free digital RuPay card.
- As a payments bank, PPB can take a demand deposit of up to Rs 1 lakh per customer, but it cannot undertake lending activities.
- PPB launched its services in May 2017.
- Paytm founder Vijay Shekhar Sharma owns 51 per cent stake in PPB while One97 Communications which runs Paytm owns the remaining 49 per cent.