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Airtel Payment Bank Starts Pilot Services in Rajasthan
Dec 01, 2016

Aimed at testing systems and processes ahead of a full-scale pan-India launch, Airtel Payments Bank has recently rolled out a pilot of its banking services in Rajasthan. With this, Airtel Bank becomes the first payments bank in the country to go live. 

Key Features

  • Airtel Payments Bank is a subsidiary of Bharti Airtel. 
  • The bank will offer interest rate of 7.25 percent per annum on deposits in savings accounts.
  • Airtel Bank will commence the pilot with banking points at 10,000 Airtel retail outlets (in Rajasthan
  • 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 banking services.
  • A wide network of merchants (sellers/shops) across Rajasthan will accept digital payments from Airtel Payments Bank. 
  • It will offer customers the convenience of cashless purchase of goods and services through their mobile phones in a quick and secure manner.
  • Airtel Bank plans to expand its merchant network in Rajasthan to 100,000 by the end of the year.
  • Airtel Payments Bank will play an important role in taking banking services to the last mile in a quick and efficient manner and benefit millions of unbanked citizens of this country.
  • The payment banks will cater to the needs of small savings accounts, remittance services, low income households, small businesses and other unorganised sector entities.

Highlights about the Bank

  • Anyone (non-Airtel customers also) with an Aadhaar card can open a Savings Account
  • Customer's Airtel mobile number will be his/her bank account number
  • Personal Accidental Insurance of Rs 1 lakh with every Savings Account
  • Customer can open an account by visiting a designated Airtel retail outlet 
  • Airtel Bank does not offer ATM/Debit Card facility, at present. 
  • Customers can deposit withdraw cash at any of the designated Airtel retail outlets
  • Airtel Bank is a paperless bank. Customers can check their account balance, access other services using Airtel Money app, Unstructured Supplementary Service Data (USSD) or Interactive voice response over their mobile phones
  • Customers can access money transfer services using the Airtel Money app or through USSD by dialing *400#. 
  • Money transfers from one Airtel number to another Airtel number within the bank will be free

Background

  • On April 11 2016, Airtel Payments Bank (which began operations in 2011 as Airtel M-Commerce Services) received a payments bank licence from the Reserve Bank of India.
  • Kotak Mahindra Bank has acquired 19.90 percent stake in Airtel Payments Bank for around Rs. 98.8 crores in February 2016.
 

 


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