Airtel 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.
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.
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.
What: Launched by Airtel
When: 23 November 2016