RBI gives scheduled bank status for Paytm Payments Bank

Paytm Payments Bank on Thursday said it has been given the scheduled bank status by the Reserve Bank of India. The bank has been included in the Second Schedule to the Reserve Bank of India Act, 1934 and the approval will help it to bring more financial services and products.

 With the scheduled bank status, the bank can explore new business opportunities, including participation in government and other large corporations issued request for proposals, primary auctions, fixed-rate and variable rate repos, and reverse repos. Besides, it can participate in Marginal Standing Facility and will be eligible to partner in government-run financial inclusion schemes, according to a statement.