Paytm Payments Bank on Tuesday said it will set up one lakh ‘Paytm Ka ATMs’ across the country to enable its customers to transact on its platform.
The payments bank will use local banking correspondents to help customers in depositing and withdrawing money from their Paytm Payments Bank account. In the first phase, Paytm has started with 3,000 such points in select cities including Delhi NCR, Lucknow, Kanpur, Allahabad, Varanasi and Aligarh.
The company has also introduced a dedicated ‘Bank’ section on the Paytm app where it has made available a range of banking services including payments, digital debit card, passbook, help and support among others.
Paytm Payments Bank has already committed Rs 3,000 crore, to be invested over the next three years, to expand offline distribution network by allowing local partners to act as potential cash-in and cash-out points.
“The Paytm Ka ATM banking outlets is our step towards ensuring every Indian has access to banking facilities. This will enable our customers to visit their trusted neighbourhood outlet to open their bank account, deposit and withdraw cash, in addition to getting their Aadhaar linked,” Paytm Payments Bank MD and CEO Renu Satti said.