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Paytm Payments Bank had over 64 million savings accounts and over Rs 5,200 crore deposits, at the end of March this year

New Delhi, NFAPost: Paytm Payments Bank has gained Reserve Bank of India approval to function as a scheduled payments bank, it said on Thursday, helping it to widen its financial services operations.

Paytm Payments Bank, a niche bank that cannot lend on its own, had more than 64 million savings accounts and over Rs 5,200 crore ($688.5 million) deposits, including savings accounts, current accounts and fixed deposits with partner banks at the end of March this year, reported Reuters.

Paytm Payments Bank can now participate in government and other large company issued RFP, primary auctions, fixed-rate and variable rate repos, and reverse repos, along with participation in Marginal Standing Facility. It’ll also be eligible to partner in government-run financial inclusion schemes.

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