Recently, Paytm Payments Bank has been given Scheduled Bank status. Notably, it has emerged as one of the largest digital payments enterprises in the country.
Paytm Bank has been included in the Second Schedule of the Reserve Bank of India Act, 1934.
Benefits- Participation in Primary Auctions, Participation in Marginal Standing Facility as well as Fixed Rate and Variable Rate Repo and Reverse Repo etc.
Along with this, the bank will now also be eligible for participation in financial inclusion schemes run by the government.
Source – The Hindu