Paytm Payments Bank emerges as a success story of the banking model, registers profit for the 2nd consecutive year
Paytm Payments Bank Limited (PPBL), which is India’s largest profitable payments bank has today announced that its profit in FY ’20 has increased to Rs. 29.8 crores PAT, up from Rs. 19.2 crores in FY ’19. This has been largely led by its higher customer acquisition in smaller cities & towns to drive financial inclusion in the country. The annual revenue has also shown a sharp increase in the fiscal year and has crossed Rs. 2100 crores.
Continuing to lead digital banking in the country, the bank has facilitated more than 485 crore transactions worth Rs. 4.6 lakh crores. Domestic money transfers have accounted for ~Rs. 29,000 crores, which is significant growth from last fiscal year. The CASA base has increased to over 58 million, helping the bank to double its deposits in savings accounts to over Rs. 1000 crores, compared to the last year.
PPBL has also announced the upcoming launch of its cheque book facility for all account holders. The customers can order their cheque book through their app. They would be required to upload their signature & supporting documents on the ‘Cheque Book’ section; select the variant (10 or 25 leaves) and submit their request after payment. Once requested, the cheque book would be delivered at the KYC address within 7-10 working days. Bank customers will also be able to track the status of issued cheques on their app.
Satish Kumar Gupta, MD & CEO of Paytm Payments Bank Ltd. said, “We have continued to lead digital banking in India and have constantly improved upon our own benchmark for performance. In FY ’20 we have registered growth across all parameters, including the number of account holders, saving account deposits, fixed deposits and transactions. Our focus remains on launching innovative products & services to accelerate financial inclusion in our country.”
In FY ’20, PPBL has significantly expanded the reach of digital banking across the country. With over 5.8 crore digital debit cards, the bank now has a debit cardholder in every district of India and registers over 45 lakh debit card transactions per month. Recently, PPBL has launched the Direct Benefits Transfer (DBT) facility where it allows customers to receive the benefits of over 400 government subsidies directly into their PPBL Savings Account.
