Paytm Payments Bank announced that it has been included in the Second Schedule to the Reserve Bank of India Act, 1934. Being a Scheduled Payments Bank, Paytm Payments Bank can now explore new business opportunities. The Bank can participate in government and other large corporations issued Request for Proposals (RFP), primary auctions, fixed-rate and variable rate repos, and reverse repos, along with participation in Marginal Standing Facility. The Bank would now also be eligible to partner in government-run financial inclusion schemes.
As per RBI Act 1934, Banks satisfying the RBI that its affairs are not being conducted in a manner detrimental to the interests of its depositors, are included in the second schedule.
Satish Kumar Gupta, MD & CEO of Paytm Payments Bank Ltd. said, “It is our constant endeavour to bring better banking services for Indians to drive financial inclusion in the country. We have witnessed a fast adoption of digital banking services, with users appreciating the new era of banking in India. 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.”