Paytm Payments Bank records Rs.19 crore net profit in FY 2018-19

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Paytm Payments Bank (PPB) recorded a net profit of Rs.19 crore in FY 2018-19. The company has become profitable company in its second year of operation. PPB was officially started in August 2016 but started its operations in the year 2017. 

Paytm
Paytm Payments Bank currently has a large user base with account deposits adding up to over Rs.500 crore, as of April 2019.

During its first year of operations i.e. FY 2017-18, the company recorded a loss of Rs.20.7 crore. Annually, the payments app processes transactions valued at over Rs.3 lakh crore. 

As per information released by the digital payments bank, the company has a 19 per cent market share in terms of mobile banking transactions in the country. The company, thus, claims to be leading in terms of mobile transactions. In terms of UPI transactions, the company has a 32 per cent market share. 

According to statements made by officials working in the company, Paytm Payments Bank is the first digital payments bank to announce a profit. Also, the company has claimed to be the largest payments bank in terms of deposits with over Rs.500 crore deposits with the company, as of April 2019. 

Paytm Payments Bank is currently the largest issuer of RuPay cards in the country and accounts for more than 45 million customers for RuPay Platinum Debit Card. 

The company plans to introduce more features and products so that the monthly processing of payments, via savings accounts, increases to Rs.40,000 crore from Rs.24,000 crore. 

The customers of Paytm Payments Bank earn an interest of 4 per cent per annum. Deposits that cross the Rs.1 lakh limit are automatically converted to a fixed deposit with the company’s partner bank at a rate of interest of 7.6 per cent. 

Sources: Financial Express and Your Story

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