PPB had registered net loss of Rs 20.7 crore for the fiscal ended March 31, 2018, according to regulatory documents. PPB, which was incorporated in August 2016, formally began its operations in 2017.
Satish Kumar Gupta, MD and CEO of Paytm Payments Bank said the bank performed "exceptionally well" in the last year.
"(PPB) has been able to close the year on a high note, making us the first Payments bank in the country to announce profit, that too within two years of its operations... as of April 2019, we have more than Rs 500 crore deposits in our savings account, which makes us the largest payments bank in India in terms of deposits," he said.
Gupta said, the bank aims to introduce more products and features on its platform to increase the monthly processing of savings account payments from Rs 24,000 crore to Rs 40,000 crore in FY'20.
Paytm Founder Vijay Shekhar Sharma holds 51 per cent share in Paytm Payments Bank, while the rest is held by One97 Communications.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.