We are proud to share that Paytm Payments Bank Limited (PPBL), India’s largest profitable payments bank, has increased its profit to Rs. 29.8 crore PAT in FY’20, up from Rs. 19.2 crore in FY’19. This has been largely led by 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 crore.
Continuing to lead digital banking in the country, Paytm Payments Bank has facilitated more than 485 crore transactions worth Rs. 4.6 lakh crore. Domestic money transfers have accounted for ~Rs. 29,000 crore, 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 crore, compared to the last year.
PPBL has also announced the upcoming launch of its cheque book facility for its 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, 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.