With each Airtel retail store doubling up as banking point, the payments bank will have 250,000 outlets across India. Bharti Airtel’s subsidiary, Airtel Payments Bank Ltd (Airtel Bank), had rolled out a pilot in Rajasthan on 23 November, making it the first company to do so since the grant of licences by the Reserve Bank of India (RBI). Over one million customers joined the platform during the pilot.
Finance minister Arun Jaitley launched the payments bank In New Delhi on Thursday. Bharti Enterprises chairman Sunil Bharti Mittal said Airtel payments bank has the potential to transform lives and contribute to financial inclusion in a country where 233 million people still do not have access to banking facilities.
This comes in the backdrop of the National Democratic Alliance government’s demonetisation drive aimed at curbing black money, besides moving towards a cashless economy.
For more on this story visit the following link: Bharti Airtel Rolls Out India’s First Payments Bank
Source: VCC Circle