/ Paytm Payments Bank to launch risk-free insurance, mutual fund products by June

India TV : Apr 04, 2019, 10:57 AM

Paytm Payments Bank is planning to launch risk-free insurance & mutual fund products by June this year, company's MD and CEO Satish Kumar Gupta said. Paytm Payments Bank has 4.4 crore savings bank account with deposit of over Rs 400 crore; & there are as many as 26 crore wallet accounts. The payments bank plans to onboard customers digitally without opening many branches. Presence in over 650 districts across country.

Gupta said 80 per cent of the bank's customers are wallet account holders.

Paytm Payments Bank was incorporated in August 2016 and formally began its operations in May 2017 from a branch in Noida.

The Delhi ranch is the second branch of the bank.

It has presence in over 650 districts across the country. 

Banking transactions happen digitally as well as through business correspondent (BC) model with 2 lakh such entities onboard.

A BC is a representative authorised to offer services such as cash transactions where the lender does not have a branch.