Airtel launches first payment bank in India!

Q.  Which company has launched India’s first live payments bank?
- Published on 24 Nov 16

a. Airtel
b. Reliance
c. Vodafone
d. None of the above

ANSWER: Airtel
Airtel launches first payment bank in India!Airtel has launched India’s first live payments bank aimed at testing systems and processes ahead of full scale launch across the nation. The payments bank has rolled out a pilot of its banking services in Rajasthan.

Airtel Payments Bank is a subsidiary of Bharti Airtel.

Account can be opened with Aadhaar based paperless e-KYC with no extra documents and customer’s Airtel mobile number which would be his/her bank account number.

Company intends to give interest rate of 7.25 percent per annum on deposits in savings accounts.

Customers across Rajasthan will now be able to open accounts at Airtel retail outlets.

These outlets will also offer banking services- banking points will be formed at 10,000 Airtel retail outlets.

Extra benefits like money transfer to any Airtel bank account in India, personal accident insurance, easy deposit and withdrawal facility from within the Airtel retail bank will be available to customers.

Company will also have a network of 100,000 merchants across Rajasthan accepting digital payments from Airtel Payments Bank.

This offers cashless purchase of goods and services using bank accounts or wallets.

Airtel now becomes the first payment bank to go live in India.

About Airtel Payments Bank
  • Airtel Bank is a fully digital and paperless bank
  • MD and CEO : Shashi Arora
  • Pilot project to take 4-6 weeks. Services will be made available across the nation after that

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