Paytm Payments Bank posts Rs 19 Cr profit for FY19
PPB is the only bank behind the State Bank of India in terms of total digital transactions in the country, and that it is also the largest issuer of RuPay cards in India with over 45 million customers.
Paytm Payments Bank Limited (PPB), which has completed its second year of operations, has turned profitable with Rs 19 Crore for the financial year 2018-2019, the company announced in a statement.
It is worth noting that PPB had to suspend its customer onboarding process for six months in between. In January this year, it restarted the onboarding process for new customers after getting an approval from the RBI.
Paytm also said the payment bank captures 19 percent market share in terms of mobile banking transactions as of March 2019. It also has market share of 32 percent for 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 annualised basis," it said.
Paytm claims that PPB is the only bank behind the State Bank of India in terms of total digital transactions in the country, and that it is also the largest issuer of RuPay cards in India with over 45 million customers for the RuPay Platinum Debit card for their account.
Satish Kumar Gupta, MD & CEO of Paytm Payments Bank said,
“Our bank has performed exceptionally well in the last year and has been able to close the year on a high note, making us the first payments bank in the country to announce profit, that too within two years of its operations. This was possible by the trust of our customers in our services that as of April 2019, we have more than Rs 500 crore deposits in our savings account, which makes us the largest payments bank in India in terms of deposits."
He added the company is now 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 FY20.
Paytm Payments Bank customers earn an annual interest of four percent, and any deposit amount exceeding the limit of Rs 1 lakh is automatically converted into a fixed deposit via auto sweep with PPB’s partner bank, on 7.6 percent annual interest.