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The Paytm Payments Bank plans to expand its services two facilitate cross border as well as domestic money settlements.
The new strategy to grow the business and broaden the solutions is one of the the things in top discussions questions right now.
The chief executive officer of Paytm Bank said that the new umbrella entity, proposed by PPB and other investors will change the pace of digital payments in the nation if approved and gone smoothly.
The media report says that the bank’s MD and CEO Satish Kumar Gupta stated that it has become the largest enabler of digital transactions in India at the current age which is at 9 70 million in March 2021. Not only is this it has also become the largest digital only bank with around 64 million bank accounts having deposits of over rupees 3,200 crores.
The company claims that the digital transactions were diversified across many payment platforms which includes digital wallet UPI, FASTag and peer-to-peer transfers giving more feasible solutions to the people.
The interesting part is that they also have the lowest technical decline rate that is at 0.1 % among all UPI remitter banks in the marketplace and 0.04% among all UTI beneficiary banks.
In addition the RBI also said that it will soon relax its roots to allow payments banks to convert into SFBs after 3 profitable years.
But for PayTM it has yet to notify the relaxed rules and soon it is seeking to convert itself into an SFB that will enable it to offer extended loans.
The so also stated that for the coming year we have received approval for facilitating inward remittance for money transactions from foreign countries. Moreover, we are also growing our domestic remittance business.
In addition the company is also seeking approval as an investor in the setting up of an NUE. But refused to share the details about the same.
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