KOLKATA: On Friday, Paytm Payments Bank (PPBL) launched a ‘cash-at-home’ initiative which would be only limited for senior and different-abled Indians. This scheme comes amid the nationwide pandemic that has forced a majority of Indians, to stay at home in order to help curb coronavirus outbreaks.
In a press release, Satish Kumar Gupta, CEO and MD, Paytm Payments Bank, said, “We have continued with our efforts to expand the digital banking network in the country and benefit millions of our customers with innovative features. Our latest ‘Cash at Home’ facility will be of immense help to those people who cannot visit an ATM or bank branch due to age, health, or any other issues.”
PPBL said any senior or differently-abled citizen, who has a savings account with Paytm Payments Bank, can use the Paytm app, click on its ‘Cash at Home’ tab to enter the desired amount and submit their request for delivery of cash.
The service will enable clients to get their desired amount, within 2 days of raising the request. A bank executive will be delievering this amount requested, the minimum of which is set at ₹1,000 while the maximum amount will be limited to ₹5,000.
Paytm Payments banks shared that for now this service will be limited to the Delihi-NCR region. But they assured that they might extend it to various parts of the country, subject to appropriate approvals and customer acceptance.
Recently, PPBL has also launched a Direct Benefits Transfer (DBT) facility wherein their customers can receive the benefits of over 400 government subsidies directly into their PPBL Savings Account.
Last week, PPBL said it has crossed ₹600 Crore in fixed deposit accounts on the back of growth during the lockdown amid volatility in other assets. It allows users to opt for a fixed deposit account with its partner bank. However, earlier, it had said that the payments bank has crossed ₹1,000 Crore in deposits, with a total of 57 million savings account holders.
It should be duly noted that other banking establishments have been offering their customers the facility to deposit as well as withdraw money from their home itself, from before, via a door to door banking service.
Manohar Lal Khattar-led government, in Haryana, had also come up with a new web portal that allowed its residents to get money delivered at their doorsteps, and book their time slots with their respective banks, as per their convenience.
But, with SBI, this service was initially available only for senior citizens, but in light of the current crisis, all SBI account holders can avail of this service. Other banks like HDFC Bank, Deutsche Bank, and Axis Bank, have been offering this service too. However, these banks seek a fee ranging between ₹100 and ₹200 for this facility.