PPBL has over 30 crore wallets, 3 crore bank accounts

Paytm Payment Bank (PPBL) has over 30 crore wallets and 3 crore bank accounts, as per the information on the bank’s website. It has over 10 crore KYC customers, with 4 lakh users added every passing month. The bank is the largest issuer of FASTag with over 80 lakh FASTag units issued. A payment bank can raise deposit up to Rs 2 lakh but it can’t issue loans or credit cards.

In a big blow to Paytm’s operations, the RBI recently barred Paytm Payments Bank from accepting deposits or top-ups in any of its key products—customer accounts, prepaid instruments, wallets, FASTags and National Common Mobility Card (NCMC), among others—after February 29 in the wake of “persistent non-compliances and material supervisory concerns”. OCL indicated that the company will stop its dependency on Paytm Payments Bank and its nodal accounts and QR codes will be moved to other bank.