LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » Companies News

Paytm Payments Bank ahead of major banks in digital transaction target

In a statement, Paytm Payments Bank said it is only behind the State Bank of India, which has the highest target for digital transactions. 

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Paytm Payments Bank ahead of major banks in digital transaction target
Paytm Payments Bank has a market share of 19 per cent and 32 per cent respectively, in terms of mobile banking and UPI transactions. Photo: Paytm Payment Bank Official Website
Written By: IANS
Updated: Fri, Jun 07, 2019
06:36 pm
New Delhi, IANS
RELATED NEWS
CMS gets contract from Karnataka Bank, Paytm for home delivery of cash CMS gets contract from Karnataka Bank, Paytm for home delivery of cash
UIDAI: Aadhaar card-based services enabled by this bank UIDAI: Aadhaar card-based services enabled by this bank
Paytm Payments Bank alert! Now, cash withdrawal, balance enquiry and mini statement through Aadhaar Cards Paytm Payments Bank alert! Now, cash withdrawal, balance enquiry and mini statement through Aadhaar Cards
Paytm Payments Bank posts profit of Rs 19 crore in FY'19 Paytm Payments Bank posts profit of Rs 19 crore in FY'19
Paytm Payments Bank appoints Sairee Chahal to board of directors Paytm Payments Bank appoints Sairee Chahal to board of directors

Paytm Payments Bank has received a target of 501.16 crore digital transactions for the financial year 2019-20 from the Ministry of Electronics and Information Technology (MeitY), higher than the targets set for major banks including HDFC Bank, ICICI Bank and Punjab National Bank.

In a statement, Paytm Payments Bank said it is only behind the State Bank of India, which has the highest target for digital transactions. 

Only five other banks have received a target of more than 100 crore transactions, which include HDFC Bank, ICICI Bank, Axis Bank, Punjab National Bank and Union Bank of India.

"To promote digital transactions in India, MeitY sets the target for all banks and closely monitors the progress on it. This target is significant as it is much higher than the target set for major banks like HDFC, ICICI and Punjab National Bank. It reaffirms Paytm as the leader of digital payments in the country," the statement said.

In FY 2018-19, the payments bank surpassed the target of 354 crore transactions and recorded 393 crore digital transfers. 

Paytm Payments Bank has a market share of 19 per cent and 32 per cent respectively, in terms of mobile banking and UPI transactions.

"Nearly a third of the total mobile banking transactions in India are powered by Paytm Payments Bank and it processes over Rs 3 lakh crore worth of digital transactions on an annual basis," it said.

As of April 2019, Paytm Payments Bank had more than Rs 500 crore deposits in savings accounts, which makes it the largest payments bank in India in terms of deposits, the statement said, adding that the bank is aiming to introduce more products and features to increase the monthly processing of savings account payments from Rs 24,000 crore to Rs 40,000 crore in FY 2019-20.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Paytm Payments BankPaytm
RELATED NEWS
CMS gets contract from Karnataka Bank, Paytm for home delivery of cash CMS gets contract from Karnataka Bank, Paytm for home delivery of cash
UIDAI: Aadhaar card-based services enabled by this bank UIDAI: Aadhaar card-based services enabled by this bank
Paytm Payments Bank alert! Now, cash withdrawal, balance enquiry and mini statement through Aadhaar Cards Paytm Payments Bank alert! Now, cash withdrawal, balance enquiry and mini statement through Aadhaar Cards
Paytm Payments Bank posts profit of Rs 19 crore in FY'19 Paytm Payments Bank posts profit of Rs 19 crore in FY'19
Paytm Payments Bank appoints Sairee Chahal to board of directors Paytm Payments Bank appoints Sairee Chahal to board of directors

LATEST NEWS

Multibagger Stocks 2021: This scrip has delivered more than 175 pct returns in one year; Choice Broking expert dubs it as a 'share to buy'

Platform ticket price raised from Rs 10 to Rs 50 at these stations, check the list

Shreya Ghoshal announces first pregnancy, says ''baby Shreyaditya is on its way''

UPSC Prelims notification 2021 released: Exam to be held on June 27—check details

CBSE board exam 2021: Class 10, 12 students must follow these rules to get great marks

Stocks in Focus on March 4: MTAR IPO, IRCON, Adani Ports, IB Housing to Deepak Nitrite; here are the 5 Newsmakers of the Day

Adani Ports share price: Jefferies maintains buy rating with price target of Rs 670

IRCTC Share price soars 7% today to over Rs 2000, makes investors extremely happy

Heranba IPO Allotment Status: Finalised! Didn't get shares? Waiting for refund? Know this important date

LIC Policy: Big opportunity - check rebate in late fee charges, terms and conditions, deadline to revive lapsed life insurance policy

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved