With this move, former RBI Executive Director PV Bhaskar, Saama Capital Managing Partner and co-Founder Ash Lilani, and former Shriram Group Director GS Sundarajan have joined the five-member Board of the Payments Bank as Independent Directors.
Commenting on the development, Renu Satti, CEO – Paytm Payments Bank said, “We are honoured to welcome Bhaskar, Sundararajan, and Lilani to the Paytm Payments Bank Board. We are privileged to have such imminent experts as mentors as we chart our way towards building India’s most trusted and consumer-friendly bank and bring half a billion Indians to the mainstream economy.”
Paytm has unveiled the Paytm Payments Bank. It is a mobile-first bank with zero charges on all online transactions and no minimum balance requirement.
The Paytm Payments Bank will be the first bank to offer cashbacks on deposits. Every customer to open a Payments Bank account will get a cashback of INR 250, as soon they bring deposits of a total of $387 (INR 25K). Apart from this customers will be given zero charges on all online transactions (such as IMPS, NEFT, RTGS) and no minimum balance requirement. For savings accounts, the company would also offer an interest of 4% per annum.