Paytm Payments Bank established in 2015 is an Indian payments bank, headquartered in Noida. In 2015, it received a license to run a payments bank from the Reserve Bank of India. ‘Paytm Payments Bank’ was formally launched by the Union Finance Minister of India, Arun Jaitley on November 28, 2017.
In 2015, eleven companies received in-principle approval from the Reserve Bank of India to set up payments banks under the Guidelines for Licensing of Payments Banks, Paytm being one of them.
In March 2019, it received approval from the Securities and Exchange Board of India for its @Paytm UPI handle.
Paytm Payments Bank offers savings and current accounts with debit cards, allowing for faster and easier payments.
In January 2018, Paytm Payments Bank partnered with IndusInd Bank to offer fixed deposits.
In June 2018, the Reserve Bank of India barred Paytm Payments Bank from opening new customer accounts, following an audit by the Reserve Bank of India, which made certain observations about the company’s acquisition of new customers and adherence to KYC norms. However, in January 2019, it got approval from RBI to resume with new customers.
In October 2019, Paytm Payments Bank received the Digital Payments Award for Outstanding Performance from the Government of India.
It won the Infosys Finacle Client Innovation Award in 2019 under categories such as Process Innovation, Innovative Custom Components and Product Innovation.
It also won the Celent Model Bank 2019 Award.
The company was awarded the RBI Asia Trailblazer Award by Retail Bankers International in 2019.
In 2018, the National Payments Corporation of India (NPCI) recognized the company with the Outstanding Award 2018 for its outstanding performance in high acceptance of RuPay cards for e-com transactions and outstanding performance in Aadhaar Enabled Payment System (AEPS).