Airtel launches India’s first Payments Bank in Rajasthan

Nov 25, 2016 12:31 IST

Airtel Payments BankAirtel Payments Bank Limited on 23 November 2016 launched India's first live Payments Bank in Rajasthan. The bank will provide an interest of 7.25% per annum on deposits.

The Bank rolled out a pilot of its banking services in Rajasthan, which is aimed at testing systems and processes ahead of a full-scale pan-Indian launch.

3 months Supplement CA

Key highlights of the service

Aadhaar based paperless e-KYC, with no extra documents, is required to open the account. Customer's Airtel mobile number would be his/her bank account number.

Customers in towns and villages across Rajasthan will be able to open bank accounts at Airtel retail outlets. These outlets will act as Airtel banking points and will offer a range of basic, convenient banking services.

Airtel Bank will commence the pilot project with banking points at 10000 Airtel retail outlets.

The customers will also be able to avail extra benefits like money transfer to any bank account in India, personal accidental insurance of Rs 1 lakh with every savings account, easy deposit and withdrawal facility across a wide network of Airtel retail outlets.

Airtel will have a network of over 100000 merchants across the state who will accept digital payments from Airtel Payments Bank. This will offer the customers the convenience of cashless purchase of goods/services using their bank accounts/ wallets.

Background

On 19 August 2015, the Reserve Bank of India (RBI) had granted in-principle approval to 11 payment banks applicants under the Guidelines for Licensing of Payments Banks. The guidelines were issued on 17 November 2014.

Is this article important for exams ? Yes15 People Agreed
Read more Current Affairs on: Airtel , Airtel Payments Bank , Rajasthan , Payments Bank

DISCLAIMER: JPL and its affiliates shall have no liability for any views, thoughts and comments expressed on this article.

Latest Videos

Register to get FREE updates

    All Fields Mandatory
  • (Ex:9123456789)
  • Please Select Your Interest
  • Please specify

  • ajax-loader
  • A verifcation code has been sent to
    your mobile number

    Please enter the verification code below

This website uses cookie or similar technologies, to enhance your browsing experience and provide personalised recommendations. By continuing to use our website, you agree to our Privacy Policy and Cookie Policy. OK