Airtel launches India’s first payment bank ‘Airtel Bank’

Telecom giant Bharti Airtel has launched pilot services of Airtel Payment Bank making it the first payment bank to go live. Last year Reserve bank of India had given payment bank licenses to 11 companies including Airtel, Vodafone, Idea , RIL, Dept of Posts etc. Bharti Airtel  has introduced Airtel Bank in Rajasthan with banking points at more than ten thousand retail outlets.  It will be fully digital and paperless bank that will offer cash deposit and withdrawal services along with cashless payment services across wide network of retailers across Rajasthan. After the demonetization of Rs 500 and Rs 1000 notes mobile wallets and payments have started getting attention and enthusiasm from retailers and customers which was missing earlier. All of a sudden cashless payments and digitization have become the need of the hour and it seems their time has come.

Any person can open account with Airtel Bank and he/she need not be a Airtel mobile customer. Although currently Airtel is not offering ATM/ Debit card but customers can deposit or withdraw cash  and access services via Airtel money app , USSD or IVR.  Airtel has been offering semi closed mobile wallet services through Airtel money mobile application since 2011 and now with Airtel Bank it will offer range of payment banking services.  It is providing interest rate of 7.25% on deposits in saving account, free personal accident insurance of rupees one lakh and money transfer facility to any bank in India.

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Zainul lbad is a management graduate and tech enthusiast. He shares keen interest in exploring mobile gadgets, telecom technologies and applications.