To support the fight against COVID-19 pandemic, digital payments and financial services platform Paytm on Sunday said it is aiming to contribute Rs 500 crore to the PM CARES Fund.

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Paytm founder Vijay Shekhar Sharma confirmed, "We at @Paytm are aiming ₹500 crore towards PM CARES Fund. Not just when you donate on Paytm, we will add up to ₹10 for every payment done using Paytm Wallet/UPI/PaytmBank Debit Card. As #IndiaFightsCorona, your contributions for #PMCaresFund matters."

Lauding coronavirus donation by Paytm, PM Narendra Modi said, "Good initiative. Will empower many people to donate to PM-CARES Fund. Let us keep contributing to this cause. #IndiaFightsCorona."

PM Modi had earlier on Saturday announced the creation of the Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund (PM-CARES) where people can contribute and help the government in the fight against the COVID-19.

The PM CARES Fund is exempt under the Income Tax Act, 1961 under Section 10 and 139 for return purposes. Contributions towards PM-CARES are notified for 100 per cent deduction from taxable income under section 80(G) of the Income Tax Act, 1961.

The country is witnessing a 21-day lockdown, as announced by the PM, to contain the spread of the virus. According to the health ministry, the number of COVID-19 cases crossed 979 in India on Sunday with the death toll rising to 25.