We’ve Won the RBI Asia Trailblazer Award for Being a Truly Digital Bank!

We’ve Won the RBI Asia Trailblazer Award for Being a Truly Digital Bank!

Retail Banker International’s, Asia Trailblazer Summit and Awards 2019 recognizes the best-in-class institutions in retail banking and those individuals making their mark.

The 10th annual RBI Asia Trailblazer Awards were a tribute to the best-of-breed players and aim, above all, to be fair and objective benchmarks for global retail banking and business. Crucially, they identify institutions who have done the most in the past year to advance and strengthen retail banking as an industry.

We are glad to announce that the 10th annual RBI Asia Trailblazer Awards have awarded the winning position to Paytm Payments Bank. They have recognized us as a benchmark for the vision of a truly digital bank for this generation of customers during the ceremony held on 7th March 2019 in Singapore. Our process innovation in terms of client on-boarding has been the highlight of our offerings that led us to win this award. 

Our customers can open the savings account digitally. For customers that have already gone through the KYC process, the account is opened in minutes and in just three steps. All the customer needs to do is to tap on bank icon on Paytm app. Post setting passcode & choosing the nominee; the savings account is opened instantaneously. 

For Non-KYC customers, process of getting the KYC done is also very simple. To complete Full KYC, the customer needs to complete in-person verification. We need to verify customer’s PAN/Form 60 and one Govt. issued Address Proof document, this includes Driving License, Voter ID, Passport & NREGA Job Card in original. A customer can complete in-person verification at any center from our network of over 100000 agents. 

Biometric verification of Aadhaar or VID is also available as an alternative to Govt. issued address proof documents with select authorized representatives. Customers are free to choose this option and consent to verification of details with UIDAI. In case customer doesn’t have PAN, our representative will assist in providing a Form 60 declaration as per RBI guidelines. 

In addition, bank customers can send and receive money via several of India’s payments services, such as National Electronic Funds Transfer (NEFT), Immediate Payment Service (IMPS), instant real time interbank electronic fund transfer service that is available 24×7, and the Unified Payment Interface (UPI). The latter is an increasingly popular service, which can be used simply with UPI ID and there is no need to share any personal details such as IFSC Code or account number. 

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