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News > Fintech

New Indian payments bank launched

Tom Belger | 10:32 Friday 26th May 2017

A new Indian payments bank has launched after securing its final licence from the Reserve Bank of India.

Paytm Payments Bank claims to be the first in India to offer zero fees on online transactions, no minimum balance and a free virtual debit card.

The bank will initially provide savings and current accounts, though customers will soon be able to access a range of services including loans and insurance from its partner banks.

Deposits will only be invested in government bonds used for the development of India.

In a blog post, the bank said: “The Paytm Payments Bank will bring a new banking model to the world where an account holder's money will be absolutely safe.

“[It] has been designed to help achieve financial inclusion in our country.

“Our ambition is to become India's most trusted and consumer-friendly bank.”

The bank will initially be available on an invite-only basis to employees and associates.

In the meantime, Paytm will set up know-your-customer centres across India to help customers make themselves eligible for a Payments Bank account.

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