The newly launched Paytm Payments Bank by Paytm now plans to add over 1 lakh ‘Paytm ka ATM’ banking outlets across India to expand the reach of its banking services to the entire country. The bank has committed Rs 3,000 crore over the next three years to expand offline distribution network.
Setting up ‘Paytm ka ATM’
Paytm is planning to set up these ATMs in neighbourhood shops, which would act as business correspondents for Paytm and offer services like opening saving accounts, depositing and withdrawing of money.
In the first phase, the online payments bank has started with 3,000 ‘Paytm ka ATM’ points in few selected cities including Delhi NCR, Lucknow, Kanpur, Allahabad, Varanasi and Aligarh.
To Build New Business Model in Banking Industry
With more than 170 million reserve funds and wallet accounts, Paytm Payments Bank aims to build a new business model in the banking industry that is centred on conveying budgetary administrations to 500 million un-served or underserved customers crosswise over India.