of India Paytm Payments Bank has gained central bank approval To function as a scheduled payments bank, it said on Thursday, helping it expand its financial services operations.

As a Scheduled Payments Bank,

Payouts can participate in requests for government and corporate offers, primary auctions, fixed-rate and variable rate repos, and reverse repos as well as participation in the Marginal Standing Facility.

It will also be eligible to participate in the financial inclusion schemes run by the government.

Shares of One97 Communications ended 2.6% higher in the broader Mumbai market, up 0.3%.

Paytm founder and billionaire Vijay Shekhar Sharma holds 51% stake in Paytm Payments Bank, while the rest is held by One97 Communications Ltd.

Paytm Payments Bank, a specialized bank aimed at broadening financial inclusion, still cannot lend or issue credit cards on its own.

It had over 64 million savings accounts and more than 52 billion Indian rupees ($688.5 million) of deposits at the end of March this year, including savings accounts, current accounts and fixed deposits with partner banks.