Paytm Payments Bank has rolled out a new dedicated mobile banking app in India.

The new app will enable the customers to avail all basic banking services including checking balance and access digital debit card services.

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Additionally, the customers can avail 24/7 banking support and place a request for a physical debit card through the app.

The Paytm Payments Bank app will be compatible on both Android and iOS devices.

Paytm Payments Bank MD and CEO Satish Kumar Gupta was quoted by local media sources as saying: “The new app has been introduced exclusively for its bank’s customers to provide a wide range of banking services in a phased manner.

“The purpose of new app is to segregate its operations from the existing app which caters to customers of several group entities.

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“However, Paytm Payments Bank (PPB) customers will continue to serve its customers on its older app should its customers desire so. Both apps will co-exist.”

Launched in May 2017, the bank is said to have enrolled 43 million saving bank customers. It has issued more than two million physical debit cards.

The bank is permitted to receive deposits up to INR100,000 ($1,447). It offers 4% interest rate on savings deposits.

If the deposit amount exceeds the permissible limit, the additional fund gets transferred to a fixed deposit with a partner bank.

In January this year, Paytm Payments Bank received Reserve Bank of India approval to resume enrolling new customers.

In June 2018, the central bank imposed the ban on new account opening citing issues with the lender’s KYC process.