On April 21, 2020, Paytm Payments bank makes the announcement of crossing over Rs 1000 Cr in deposits by around 57 Mn account holders.
They further confirmed that the customers will now be able to get the benefits of approximately 400 government subsidies. These include LPG subsidy, Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) payments, pensions, and scholarships that government sponsors.
The benefits will be directly received into the beneficiary’s bank account via direct benefit transfer (DBT).
A wholesome banking experience for the customers!
Paytm believes that these direct transfers of subsidies will benefit millions of users, particularly those from tier 2 and 3 cities.
Customers can sign up for the DBT option by submitting a request online via the Paytm Payment Bank app. After submission, the application will take two to three days for processing.
The company claims that no extra charges will be required for linking accounts to the subsidies.
However, users can also keep track of their accounts and transfer histories through the app.
Virtual and Physical Debit Cards for the user!
The Paytm also announced a few days back that they will launch Virtual and physical debit cards for their clients.
The company has joined hands with top-notch companies Mastercard and VISA for this purpose.
Users can then make online transactions with these virtual debit cards across several platforms. However, physical cards can be used for both online and offline purchases. You can also withdraw money from nearly one million ATMs in the world with the help of them.
The company ensured that there would be a 100% check on the securities in case of digital transactions.
The company will be issuing around 10 million digital debit cards by the 2021 end.