Paytm Payments Bank emerges biggest UPI beneficiary bank while SBI biggest remitter in December 2021: NPCI Data
- According to data released by the National Payments Corporation of India (NPCI), Paytm Payments Bank Ltd (PPBL) emerged as the biggest receiver of UPI amount in the October to December 2021 quarter.
- In December 2021, PPBL received 926.17 million UPI transactions in a single month. The lender became the first beneficiary bank in the country to achieve this landmark.
- In the October to December 2021 quarter, PPBL registered 2,507.47 million beneficiary transactions
- PPBL was also the largest UPI beneficiary bank throughout the year (except in May 2021).
- PPBL was followed by State Bank of India (SBI) as the second-largest beneficiary bank.
- SBI recorded 664.89 million transactions in December 2021.
- On the other hand, SBI was also adjudged as the biggest remitter of UPI amount in December 2021.
- Beneficiary banks are the banks of the account holder who is receiving money.
- Remitter Banks are the banks of the account holder which pays money.
Points to Remember:
- Which bank was the largest beneficiary bank of UPI amount in Oct-Dec quarter 2021 as per NPCI?
- Which bank was the biggest remmiter in December 2021?
Source: Economic Times