Paytm Payments Bank said it had been given the Reserve Bank of India (RBI). The bank has been included in the Second Schedule to the Reserve Bank of India Act, 1934, and the approval will help it 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 requests for proposals, primary auctions, fixed-rate and variable rate repos, and reverse repos.
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Besides, it can participate in Marginal Standing Facility and will be eligible to partner in government-run financial inclusion schemes, according to a statement.
