Paytm Payments Bank Resumes Onboarding New Customers, KYC

After receiving formal approval from the Reserve Bank of India (RBI), Paytm Payments Bank (PPBL) has resumed onboarding new customers as well as the KYC process. In June last year, post the RBI audit that came up with some observations on the KYC processes of the bank, the PPBL had been asked to stop adding new customers.

PPBL in its latest statement said, "PPBL has received a formal nod from the RBI to start onboarding new customers while resuming KYC for the bank as well as wallet customers starting from December 31, 2018". Further the statement added that potential customers can now open their savings or current account with the Paytm Payments Bank.

PPBL aims to acquire 100 million additional customers by the end of 2019, the statement added.

These Payments bank can accept maximum deposit of up to Rs. 1 lakh per account from individuals and small businesses.

"PBBL is on a mission to facilitate the last-mile delivery of banking services to each and every Indian. It also envisions catalysing the digital adoption and acquainting more people with the touch-of-a-button experience," MD and CEO, Satish Gupta said.

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