ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • 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
  • Railways
  • World
    • Economy
    • Politics
    • Markets
  • Survey
  • videos
  • photos
  • More ...
    • VIDEOS
    • PHOTOS
BREAKING NEWS
  • Stock Market Outlook: Our dependence on US market limited now, next 10-15 years belong to India, says Anil Singhvi | Here's why
  • Toyota Hyryder Unveiled: Toyota India unveils new self-charging hybrid electric SUV in India; check details
  • Virtual Digital Assets: VDAs to attract 1% TDS from today; know what CBDT says about new norms
  • Gold Price Today: Yellow metal surges by over Rs 1000 as excise duty hiked to 12.5% - check gold rate in your city
  • Monsoon session of Parliament to begin on July 18; to end on August 12
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

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
Written By: IANS
Updated: Fri, Jun 07, 2019
06:36 pm
New Delhi, IANS
RELATED NEWS
Paytm Payments Bank says taking immediate steps to comply with RBI directions Paytm Payments Bank says taking immediate steps to comply with RBI directions
RBI takes action against Paytm Payments Bank - 'No new customers now; conduct audit' RBI takes action against Paytm Payments Bank - 'No new customers now; conduct audit'
Paytm Payments Bank leads UPI beneficiary chart with 926.17 mn transactions; SBI biggest remitter in December Paytm Payments Bank leads UPI beneficiary chart with 926.17 mn transactions; SBI biggest remitter in December
Paytm Payment Bank VISA Debit Card: Global acceptance, contactless transactions, cashback, and offer—check all features here Paytm Payment Bank VISA Debit Card: Global acceptance, contactless transactions, cashback, and offer—check all features here
CMS gets contract from Karnataka Bank, Paytm for home delivery of cash CMS gets contract from Karnataka Bank, Paytm for home delivery of cash

LATEST NEWS

Excise duty on petrol, diesel, ATF hiked up to Rs 12; details

Anil Singhvi Strategy on July 1: Support Zone on Nifty is 15675-15725, Bank Nifty is 33100-33200

Retail inflation for industrial workers rises to 6.97% in May

Maruti Suzuki, Ashok Leyland: What makes brokerages bullish on these auto stocks?

Petroleum products exporters ONGC, RIL, MRPL, Vedanta shares fall after government imposes cess on diesel, petrol; know what is triggering correction

GST Council Meeting: Full details of goods and services, where rates hiked or slashed

GST Council Meeting Outcome: Big boost for Rakesh Jhunjhunwala's stock as sewage treated water gets exemption from GST

Stock Market Outlook: Our dependence on US market limited now, next 10-15 years belong to India, says Anil Singhvi | Here's why

US stocks see worst first half drop in over 50 years

EV battery swapping startup Battery Smart raises USD 25 mn from Tiger Global, others

  • 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
© 2022. India Dot Com Private Limited. All Rights Reserved.
LIVE TV