As per the latest data released by the Ministry of Electronics and Information Technology (MeitY), PPBL has acquired more than 7 lakh merchants in Q1 against the target of 6.5 lakh.
"No other bank, including the largest public and private sector banks, in India has been able to acquire more than 70,000 merchants. Only 5 other banks have achieved 100 per cent or more of their merchant acquisition target, and all of them have extremely low targets as compared to PPBL," a statement said.
PPBL's performance is impressive as it leads the government's mission of spreading formal banking to the remotest parts of the country. The bank's target of 650,000 has a component of rural acquisition which is 520,000. In this component, PPBL has achieved 135 per cent (699,595). For FY 2020, PPBL has the highest target of merchant acquisition at 26,00,000, which is 30 per cent of the entire industry's target. The second highest target is for State Bank of India at 9,90,000.
"We are excited to play a leading role in Government of India's mission to digitise the Indian economy. We are one of the top players of the banking industry on several parameters. We have registered over 133 crore digital transactions in Q1, which is 106.54 per cent of our target. We are confident of achieving the target of 501.16 crore digital transactions set by MeitY for FY '20, which is 15 per cent of the entire industry's target," Satish Kumar Gupta, MD & CEO of Paytm Payments Bank, said.
Paytm Payments Bank customers enjoy free banking services and earn an annual interest of 4 per cent on their savings.
"PPB has a highly secure infrastructure and allows its customers to deposit up to Rs 1 lakh in their savings account and/or wallet. Any amount exceeding the limit of Rs 1 lakh is automatically converted into a Fixed Deposit via auto sweep with PPB's partner bank, allowing customers to earn up to 7.6 per cent p.a. interest on their Fixed Deposit amount. The customer can instantly redeem the partial/complete amount from their Fixed Deposit at any time free of charge, and earn superior interest on the same," the statement said.
( With inputs from IANS )