Paytm Payments Bank became most preferred UPI beneficiary bank in India

Paytm Payments Bank Ltd (PPBL) became the largest and fastest-growing UPI beneficiary bank in India. It becomes the first beneficiary bank in the country to achieve the landmark of over 926 million UPI transactions in a single month.

Beneficiary banks are the banks of the account holder who is receiving money. Paytm Payments Bank has also gained rapid traction as a remitter bank for UPI payments.

While State Bank of India (SBI) topped the chart of being the biggest remitter in December 2021, according to data released by the National Payments Corporation of India (NPCI). State Bank of India followed PPBL as the second-largest beneficiary with 664.89 million transactions.

Static/Current Takeaways Important For All Exam 2022:

Chairman of Paytm Payments Bank Ltd: Vijay Shekhar Sharma;

MD and CEO of Paytm Payments Bank Ltd: Satish Kumar Gupta;

Paytm Payments Bank Ltd Headquarters: Noida, Uttar Pradesh.