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Paytm   Payments Bank (PPBL) said it has crossed Rs 1,000 crore in deposits through over 57 million  savings  account holders. PPBL has been witnessing an accelerated rise in the deposits, as more people are 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.

One97 Communications, the company that owns Paytm, plans to process Rs 600 billion in monthly bank transfers by the end of this year. The company is also planning to invest Rs 50 billion in its core business, expecting to increase the number of transactions from a billion to 2 billion. It has unified bank transfers with the 'My Payments' feature on its app. This will enable users to make recurring, high value payment and other monthly expenses in an instant. Using the app, bank transfers can be done from/to any bank account, making it easier to make payments at no charge. Even non-KYC Paytm users can avail the facility. Paytm said there is no upper or lower limit to the number of payments or amount that can be transferred under the 'My Payments' feature. "We want to ensure our consumers are able to automate all regular payments without worrying about minimum balance requirements or transaction limits," the company said. With this new addition t...

Paytm Payments Bank incurred losses of Rs 30.7 crore between August 2016 and March 2017 of FY17, the firm has said in its filing to Registrar of Companies (RoC). The company, however, is not considering this as losses but as operational costs, as it happened before the payments bank started operations in May. The company also made revenue of Rs 2.4 crore during this period. According to company sources, investments are being made to expand the payments bank business, hire more banking correspondents as well as open new branches. The payments bank opened its first branch in Noida. The first branch in the Northeast would be opened in Guwahati. The company plans to expand to 31 branches and 3,000 customer service points by the end of the first year. Paytm Founder and CEO Vijay Shekhar Sharma had earlier told Business Standard that in the first phase, the bank would have around 100,000 banking correspondents. “ In the first phase, we are targeting as many as 200 million...