Paytm Payments Bank crosses Rs1,000 crore in savings account deposits, launches DBT scheme

BENGALURU : Paytm Payments Bank Ltd. (PPBL) said that it has crossed Rs1,000 crore in deposits and has a total of 57 million savings account holders at present.

According to PPBL, this accelerated rise in the 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 a scheme by Government of India to transfer the subsidies of various social welfare schemes like LPG gas subsidy, MNREGA payments, Old Age Pension, Scholarships directly into the beneficiary’s bank account.