Paytm Payments Bank has been given the scheduled bank status by the Reserve Bank of India.
According to the bank, it has been included in the Second Schedule to the Reserve Bank of India Act, 1934. With the scheduled bank status, the bank can explore new business opportunities, including participation in government and other large corporations issued request for proposals, primary auctions, fixed-rate and variable rate repos, and reverse repos. The approval will help it to bring more financial services and products, it said.