Paytm Payments Bank Ltd (PPBL) has crossed Rs 1,000 crore in deposits from over a 57 million savings account holders.

With more people embracing digital banking during Covid-19 pandemic, the company has been witnessing an accelerated rise in deposits, the company said in a statement.

PPBL has also confirmed that its customers can now receive the benefits of over 400 government subsidies directly into their PPBL Savings Account. The bank has now implemented the option to avail benefits of Direct Benefit Transfers (DBT), which is a scheme by Government of India to transfer the subsidies of various social welfare schemes like LPG gas subsidy, MNREGA payments, Old Age Pension, Scholarships directly into the beneficiary’s bank account.

With over 57 million digital debit cards, the bank now has a debit cardholder in every district of India.