On Wednesday, Paytm Payments Bank Ltd (PPBL) announced that it initiated refunds for 2.6 lakh FASTag users.
This is on account of misleading FASTag users and charging incorrect toll plazas in the year 2020.
Moreover, it has set up a fast redressal mechanism to identify incorrect deductions and raise claims to reverse the extra charges.
The company aims to expand it’s customer base in the coming years. It plans to ensure charging of the correct toll amount every time.
CEO Satish Gupta said “It is our endeavour to empower our users with seamless and hassle-free travel on road. “
He further added, “The Company continuously strives to ensure charging the customers the correct toll amount.”
Currently, Paytm Payments Bank is the top issuer and the largest acquiring bank under the National Electronic Toll Collection programme.
It is India’s first bank with zero charges on online transactions, no minimum balance requirement and free virtual debit card.
Here, customers invest only in government bonds for the purpose of development of our nation.
Introduced in 2017, it has set up KYC centers across India to help customers get KYC done. This is a requirement to get customers eligible for a Payments Bank account.
Moreover, it offers an annual interest of 4% for all savings accounts.
Further, the bank accepts customer deposits up to Rs.1 lakh per customer in a savings or current account.
It however provides other banking services like Online Banking and Mobile Banking.
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