Tuesday, August 9, 2022

ਵਾਹਿਗੁਰੂ

spot_img




Paytm Payments Bank ahead of major banks in digital transaction target

New Delhi, June 7, 2019-

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.  (Agency)

- Advertisement -

Yes Punjab - TOP STORIES

Punjab News

Sikh News

Transfers, Postings, Promotions

- Advertisement -spot_img

Stay Connected

22,345FansLike
113,980FollowersFollow

ENTERTAINMENT

National

GLOBAL

OPINION

Need for speed: The 5G promise, its enablers and roadblocks – by T.V. Ramachandran

The US Federal Communications Commission (FCC) recently proposed revising the definition of broadband to a minimum download speed of 100 mbps, and uploads at...

Civil services have to improve for better governance – by DC Pathak

There is a widely shared view that the All India Services, which provided the 'steel frame' of governance in a democratic India, granting Constitutional...

Will Pak Army Chief Bajwa or his successor reconcile ties with India? – by Rana Banerji

New Delhi, Aug 2, 2022- On July 25, the Supreme Court's three Judge bench headed by Chief Justice Omar Ata Bandial controversially struck down...

SPORTS

Health & Fitness

Low vitamin D could be behind chronic inflammation

Sydney, Aug 8, 2022- Researchers have found a direct link between low levels of vitamin D and high levels of inflammation. The findings, led by a team from University of South Australia, provides an important biomarker to identify people at higher risk of or severity of chronic illnesses with an inflammatory component. Inflammation is an essential part of the body's healing...

Gadgets & Tech

error: Content is protected !!