Paytm Payments bank records Rs 29.8 crore net profit

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It is reported that Paytm payment Bank Ltd (PPBL) gained a net profit of Rs 29.8 crore for the financial year 2019-20. Last year it was Rs 19.2 crore. Such a significant increase in profit is because of higher customer acquisition in smaller cities and towns. They also declared revenue of Rs 2100 crore in FY20, compared to last year’s profit of Rs 1668 crore. It also promotes more than 485 crore transactions worth Rs 4.6 lakh crore in the financial year 2020.

 As a result, the number of current and savings accounts (CASA) increased to 58 million which further doubled the savings bank accounts to Rs 1000 crore in the current financial year, compared to last year of Rs 460 crore.

 Satish Kumar Gupta, managing director, and chief executive officer of Paytm Payment Bank said that they had confirmed growth in almost all parameters including the number of account holders, savings account deposits, fixed deposits, and transactions. Still, their focus remains on the introduction of new Innovative financial products and services to stimulate financial inclusion in the country. Till now PPBL has issued over 5.8 crore digital debit cards and over 45 lakh debit card registrations per month.

Following are some of the new upcoming launching announced by the Company:

1. Cheque book facility: Here customer can order their cheque book online through an App. The Account holder is required to upload digital signature and required documents, on the selection option customer can select variant 10 to 25 leaves according to the Account holder requirement and can submit the request. Once the process is completed the cheque book will be delivered at the customer address within 7-10 working days.

2. In April, Paytm Payment bank Ltd had launched DBT (Direct Benefits Transfer) where customers can receive benefits over more than 400 government subsidies, and the subsidy amount is directly credited to the customer PPBL savings account.

3. ‘Cash at home’ the recent scheme for senior and differently-abled citizens in Delhi helps them to raise cash withdrawal requests through Paytm Payment Bank App and the requested amount is delivered at customer homes. 

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