Airtel launches India’s First payments bank

Airtel has launched India’s first live payments bank aimed at testing systems and processes ahead of a full-scale pan-Indian launch, Airtel Payments Bank has rolled out a pilot of its banking services in Rajasthan, a company statement said on Wednesday. Airtel Payments Bank is a subsidiary of Bharti Airtel.

  • It informs that account can be opened with Aadhaar based paperless e-KYC, with no extra documents required and customer’s Airtel mobile number would be his/her bank account number.
  • The company intends to give an interest rate of 7.25% per annum on deposits in savings accounts.
  • Customers in towns and villages across Rajasthan will now be able to open bank accounts at Airtel retail outlets, which will also act as Airtel banking points and offer a range of basic, convenient banking services. Airtel Bank will commence the pilot with banking points at 10,000 Airtel retail outlets.
  • It adds that extra benefits like money transfer to any bank account in India (Free money transfer from Airtel to Airtel numbers within Airtel Bank), personal accidental insurance of Rs 1 lakh with every savings account, easy deposit and withdrawal facility across a wide network of Airtel retail outlets, will be availed to the customers.
  • It also claims that the company will have a network of over 100,000 merchants (shops) across Rajasthan accepting digital payments from Airtel Payments Bank, offering customers the convenience of cashless purchase of goods/services using their bank accounts/ wallets, contributing to the government’s initiative of financial inclusion and banking for all.

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