Celent recognized Paytm Payments Bank as the winner of Model Bank 2019 Beyond Banking Award for their initiative Building a Truly Digital Bank leveraging Infosys Finacle.
Paytm Payments Bank is India’s only mobile-first bank with zero balance and zero digital transaction charge accounts and has become one of the most popular payments banks in the country with 42 million savings accounts. Paytm was recognized for going beyond banking by creating a digital ecosystem to offer a better life for the digitally savvy population, the unbanked and the underbanked.
Celent Model Bank is awarded for best practices of technology usage in different areas critical to success in banking, and is the main award that a financial institution (FI) can receive from Celent. In its twelfth year the annual program in 2019 was again incredibly competitive with nearly 80 institutions of all sizes from 30 countries submitting over 140 nominations.