As this extraordinary situation continues, several companies have launched initiatives to tackle the issues that arise due to quarantine. Among these initiatives to help aid the citizens, Paytm has started cash from the home feature.
“For senior citizens”
Vijay Shekhar Sharma’s Paytm Payments Bank has announced that it’ll now deliver cash reception to senior citizens in Delhi NCR. Through this, users can place cash withdrawal requests on their Paytm Payments Bank app and therefore the amount will be delivered at their home.
“PM asks to take care of the elderly”
With the coronavirus pandemic, senior citizens across the planet are at a bigger risk. During his address to the state, Indian Prime Minister Narendra Modi also spoke about taking special care of senior citizens and ensuring that they are not in direct risk of the virus.
“How it works”
“Our latest ‘Cash at Home’ facility is going to be of immense help to those people that cannot visit an ATM or bank branch thanks to age, health, or the other issues,” said Satish Kumar Gupta, CEO & director, Paytm Payments Bank.
Through the feature, users can request for a minimum of ₹1,000 and a maximum of ₹5,000 and within two days a bank executive will deliver the cash at their home.
“Direct Benefits Transfer”
The bank had also recently launched an immediate Benefits Transfer (DBT) facility, through which customers could get the govt subsidies directly in their PPBL Savings Account.
Earlier in May, Paytm Payments Bank had announced that even during the coronavirus lockdown, the bank has received over ₹600 crores in fixed deposits. the corporate said that given the volatility in other asset classes during this era, many users are moving their savings into fixed deposits.