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India’s Paytm Payments Bank granted status upgrade

India’s Paytm Payments Bank has gained central bank approval to function as a scheduled payments bank, it said on Thursday, helping it to expand its financial services operations.

As a scheduled payments bank,

Payments can participate in government and companies’ request for proposals, primary auctions, fixed-rate and variable rate repos, and reverse repos, along with participation in Marginal Standing Facility.

It will also be eligible to be a partner in government-run financial inclusion schemes.

Shares in One 97 Communications ended 2.6% higher in a broader Mumbai market that was up 0.3%.

Paytm founder and billionaire Vijay Shekhar Sharma owns 51% of Paytm Payments Bank, while the rest is held by One 97 Communications Ltd.

Paytm Payment Bank, a niche bank aimed at widening financial inclusion, still cannot lend or issue credit cards on its own.

It had more than 64 million savings accounts and over 52 billion Indian rupees ($688.5 million) deposits, including savings accounts, current accounts and fixed deposits with partner banks at the end of March this year.

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