Paytm Payments Bank has managed to successfully register over 100 million KYC wallets, against the constant campaigning done by the bank about the benefits of the Know Your Customer (KYC) system as announced by the bank on Monday.
The 100M milestone record included both complete (or full) and minimum KYC customers.
Bank has introduced several options post successful reception, these include Paytm KYC centers’ Paytm-Ka-ATM’ outlets that offer a better-localized support. These centers can be easily located through “Near By” section on the Paytm App. Paytm Payments Bank is also offering KYC customers to open an account with a zero balance account.
Renu Satti, MD, and CEO at Paytm Payments Bank said,
It is exciting to see our customers appreciate the benefits of completing their KYC and it is evident with the large number of KYC requests that we are receiving.
We are doing our best to serve everyone as soon as possible while we continue to set new benchmarks for ourselves. As our commitment to our customers, we will continue to invest further to strengthen the payments infrastructure in our country.
Earlier in 2007, Paytm Bank had announced that it would invest $500 million in KYC operations after RBI’s new directive. Vijay Shekhar, CEO at Paytm had also reported that the the firm would be adding another 10,000 members to the team for KYC obligations alone.
The Bank has set up offline centers and a team of agents who collect documents from customers for the KYC process. Paytm informed that every customer has opened a Wallet Account with Paytm Payments Bank.
Paytm Payments Bank is currently owned 51 percent by Paytm founder Vijay Shekhar Sharma and 49 percent by One97 Communications Limited.