We are proud to share that we have been conferred with prestigious award for Highest Category of 100 crores for Digital Payments during 2018-19. The award was presented by Honorable Minister for Electronics and Information Technology, Shri Ravi Shankar Prasad during the recently held Start Ups Summit. The event was conducted by Ministry of Electronics & Information Technology (MeitY), which is a Nodal Ministry for promoting digital payments. We have been recognized for our remarkable performance in promoting digital payments in India.
We have delivered the best performance amongst all the other banks, by overachieving the MeitY’s target of 354 Crore transactions by 123%. MeitY has allocated a target of over 500 Crore digital transactions for 2019-20, which is second highest amongst all banks in the country. The target given to us for increasing acceptance points during 2019-20 is highest at 26 lacs, which is around 300% allocated to largest bank in the country. We have already achieved 134% in the first six months of the current year and are committed to overachieve the allocated targets.
Paytm Payments Bank has developed a consumer-friendly, cost-free and highly secured infrastructure and allows transactions and deposits of any size during the day, in its accounts. At the end of the day, any amount exceeding the limit of Rs 1 lac across savings account and/or wallet, is automatically converted into a fixed deposit via auto sweep with PPB’s partner bank, allowing customers to earn up to 7.25 percent p.a. interest (as of 22nd October 2019) on their fixed deposit amount.
We continue to be a pioneer in digital payments and have over 28 crores wallet user and 5 crores saving bank account holders and aspires to have 50 crore users by 2024.