New Delhi, Jun 7 (IANS): Paytm Payments Bank has received a target of 501.16 crore digital transactions for the financial year 2019-20 from the Ministry of Electronics and Information Technology (MeitY), higher than the targets set for major banks including HDFC Bank, ICICI Bank and Punjab National Bank.

In a statement, Paytm Payments Bank said it is only behind the State Bank of India, which has the highest target for digital transactions.

Only five other banks have received a target of more than 100 crore transactions, which include HDFC Bank, ICICI Bank, Axis Bank, Punjab National Bank and Union Bank of India.

"To promote digital transactions in India, MeitY sets the target for all banks and closely monitors the progress on it. This target is significant as it is much higher than the target set for major banks like HDFC, ICICI and Punjab National Bank. It reaffirms Paytm as the leader of digital payments in the country," the statement said.

In FY 2018-19, the payments bank surpassed the target of 354 crore transactions and recorded 393 crore digital transfers.

Paytm Payments Bank has a market share of 19 per cent and 32 per cent respectively, in terms of mobile banking and UPI transactions.

"Nearly a third of the total mobile banking transactions in India are powered by Paytm Payments Bank and it processes over Rs 3 lakh crore worth of digital transactions on an annual basis," it said.

As of April 2019, Paytm Payments Bank had more than Rs 500 crore deposits in savings accounts, which makes it the largest payments bank in India in terms of deposits, the statement said, adding that the bank is aiming to introduce more products and features to increase the monthly processing of savings account payments from Rs 24,000 crore to Rs 40,000 crore in FY 2019-20.