Paytm Payments Bank crosses Rs 1,000 crore deposits, launches Direct Benefit Transfer scheme

Paytm Payments Bank Ltd. (PPBL) announced that it has crossed Rs1,000 crore in deposits and has a total of 57 million savings account holders currently.

According to PPBL, this increasing graph of deposits comes on the back of more people embracing digital banking during covid-19.

The bank has now implemented the option to avail benefits of Direct Benefit Transfers (DBT), which is an initiative by the Government of India to transfer the subsidies of different social welfare initiative like LPG gas subsidy, MNREGA payments, Old Age Pension, Scholarships directly into the beneficiary’s bank account.

PPBL added that its consumers can now receive the benefits of over 400 government subsidies directly into their PPBL Savings Account.

“We have always strived to provide a wholesome banking experience to our users and direct subsidy transfers would help millions of customers, especially those from the tier 2 & 3 cities,” shared Satish Kumar Gupta, CEO and Managing Director, Paytm Payments Bank.

The payments bank shared that PPBL’s savings account holders can opt for DBT by giving an online request via their Paytm Payments Bank Android app. Once the needed information is given, it would take 2-3 days to process the request.

The company said that there are no charges for account linking to get subsidies, and customers can also check the status on their banking app.

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