Union Minister of Finance Arun Jaitley has formally inaugurated Paytm Payments Bank .
Paytm Payments Bank is India’s mobile-first bank with zero charges on online transactions, no minimum balance requirement and free virtual debit card.
Vijay Shekhar Sharma, Founder & CEO of Paytm said, “India is at the cusp of a financial revolution. The demography and access to financial services will create a ton of jobs in the country and Paytm is very proud to be a part of this financial services revolution. Paytm Payments Bank will work towards creating a massive number of jobs in the long run.”
Renu Satti, MD & CEO of Paytm Payments Bank said, “Paytm Payments Bank is the country’s largest mobile-first, technology-led bank. By virtue of reaching every nook and corner of the country, we will be able to bring the large un-served and under-served population to the mainstream economy. We are committed to offering the most transparent, safe and trusted banking to masses.”
The bank has been designed to help achieve financial inclusion in the country and our aim is to bring half a billion Indians on to the mainstream economy.
Paytm has planned an investment of $500 million in KYC (Know Your Customer) operations. We are setting up KYC centers across India to complete KYC for our customers and make them eligible for a Payments Bank account.