The Patym Payments Bank has finally been launched after months of delays, becoming the third entity to do so after Airtel and India Post. The Paytm payments bank offers 4 percent interest rate and cashbacks on deposits, no fee on online transactions, and no minimum balance requirements.

Unlike standard banks though, the Patym Payments Bank cannot issue loans and credit cards. As part of the process, the company will shift all 220 million customers who use its digital wallet to the payments bank, and aims to attain 500 million customers in the next three years. For now, the payments bank is available on an invite-only basis.