Paytm Payments Bank receives scheduled bank status from RBI

Paytm Payments Bank has been given the scheduled bank status by the Reserve Bank of India. The bank has been included in the Second Schedule to the Reserve Bank of India Act, 1934 and the approval will help it to bring more financial services and products. 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.

Buy Prime Test Series for all Banking, SSC, Insurance & other exams

With the scheduled bank status:

The bank can explore new business opportunities, including participation in government and other large corporations issued requests for proposals, primary auctions, fixed-rate and variable rate repos, and reverse repos.
Besides, it can participate in Marginal Standing Facility and will be eligible to partner in government-run financial inclusion schemes.
The inclusion of Paytm Payments Bank in the Second Schedule to the Reserve Bank of India Act, 1934, will help us innovate further and bring more financial services and products to the underserved and unserved population in India.

Important takeaways for all competitive exams: