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BRIEF-Airtel Payments Bank starts national ops with services live pan India
January 12, 2017 / 11:18 AM / 8 months ago

BRIEF-Airtel Payments Bank starts national ops with services live pan India

Jan 12 (Reuters) - Airtel Payments Bank:

* Commenced national operations with services now live in all 29 states of India

* Airtel Payments Bank commits an initial investment of INR 30 billion to develop a pan India banking network and digital payments ecosystem

* Launches airtel payments bank app and online card in collaboration with Mastercard for convenient banking and cashless payments

* Will have a network of 250,000 banking points (airtel retail stores) across 29 states from day one

* Over one million customers added during the pilot phase

* Will not charge any processing fee from its customers and merchants partners for digital transactions

* Interest rate of 7.25 % p.a. On deposits in savings accounts

Source text:

Airtel Payments Bank, India’s first payments bank, today commenced national operations with services now LIVE in all 29 States of India.

Shri Arun Jaitley, Hon‘ble Union Minster of Finance and Corporate Affairs formally launched Airtel Payments Bank’s national operations today, marking a major milestone in the history of India’s financial services sector. Also present on the occasion were Sunil Bharti Mittal, Chairman, Bharti Enterprises; Uday Kotak, Executive Vice Chairman & MD, Kotak Mahindra Bank; Gopal Vittal, MD & CEO (India & South Asia), Bharti Airtel; and Shashi Arora, MD & CEO, Airtel Payments Bank.

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