Paytm Payments Bank Limited (PPBL), the country’s largest payments bank, is looking to ramp up its savings bank customer base to 10 crore over the next one year, a top official said.
Being in the business for two years, with its inception in May 2017, PPBL has, till date, built a savings customer base of four crore.
As reported by Business Line, Paytm Payments Bank has an aspiration is to open 10-crore accounts in the next one year, from about four crore now.
PPBL’s first branch was opened at Noida in May 2017. The Lajpat Nagar branch is the first for this payments bank in Delhi.
To ramp up its savings bank customer base, the focus of PPBL will be to rope in new customers, as well as conversion of existing Paytm wallet users. As on date, Paytm has more than 26-crore wallet customers.
In March 2019, more than 40-crore transactions were conducted through PPBL platform, and the aggregate value of these transactions exceeded ₹25,000 crore.
The CEO of PPBL also said that it was not averse to opening more branches in future, but would decide on this based on the experience gained from the setting up of the second branch.
He said that PPBL is leaving no stone unturned to ensure an unparalleled experience to its customers.
He said that PPBL is leveraging its digital operations in a self-service mode to transform India into a minimal cash economy, PPBL has decided to open another branch with a view to understand the need of its customers for a branch interface. The second branch, our thrust will also continue to be digital.
Paytm Payments Bank is planning to launch risk-free insurance and mutual fund products by June this year, the company’s MD and CEO.
As reported by PTI, PPBL’s CEO said they have got approval from the RBI very recently. The company is working with its partners. It would be a good business stream of revenue generation. It also plans on launching the services within the first quarter of the current fiscal. It will launch the services before June, on the sidelines of the bank’s branch opening here.
As of now, the Paytm Payments Bank has 4.4 crore savings bank accounts with a deposit of over Rs 400 crore; and there are as many as 26 crore wallet accounts, the CEO added.
