Paytm Payments Bank Limited said it had been included in the Second Schedule to the Reserve Bank of India Act, 1934 and the approval will help it to bring more financial services and products.
With the scheduled bank status, Paytm Payments Bank can explore new business opportunities, including participation in government and other large corporations issued request for proposals, primary auctions, fixed-rate and variable rate repos, and reverse repos.
It can also participate in Marginal Standing Facility and will be eligible to partner in government-run financial inclusion schemes.
Paytm Payments Bank MD and CEO Satish Kumar Gupta said, "The inclusion of Paytm Payments Bank in the Second Schedule to the Reserve Bank of India Act, 1934, will help us innovate further and bring more financial services and products to the underserved and unserved population in India."
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