This will further facilitate the adoption of the payments bank as consumers will now be able to earn interest on their deposits.
"We are adding another 10,000 new members to our current workforce of KYC Agents this year as a part of our expansion plan. This will be the most aggressive KYC expansion in the country that will act as an enabler for hundreds of underserved and un-served consumers to gain access to zero-cost payments and banking services. We are confident that with this scaling up of KYC operations, we will have one of the largest KYC'd customer base in the country," said MD and CEO - Paytm Payments Bank, Renu Satti.
Paytm Payments bank offers Savings Accounts with no minimum balance requirement and a free RuPay Digital Debit Card. This card comes with a free insurance cover up to Rs. two lakhs, in case of death or permanent total disability. KYC customers can open a PPB account instantly on their smartphone. The company is also looking to partner with Universal Banks to offer additional financial services to its customers to roll out full bouquet of banking services that includes term deposits, retail and SME loans. (ANI)