Airtel Payments Bank Limited
| Public company | |
| Industry | Financial services |
| Founded | 2016 |
| Headquarters | New Delhi India |
Area served | India |
| Products | Banking |
| Parent | Bharti Airtel Limited |
Airtel Payments Bank Limited is a public limited company. It was the first company in India to receive a payments bank license from the Reserve Bank of India. The license was received on April 11, 2016.[1]
A Payments Bank is a differentiated bank that provides essential financial services to its customers and is a giant leap towards making financial inclusion a reality for every Indian.
Airtel Payments Bank is the first entity to get the final licence from Reserve Bank of India for launching a Payments Bank. Kotak Mahindra Bank Limited also has a stake in the bank. Airtel Payments Bank Limited will leverage the distribution network of Bharti Airtel spread across 1.5 million outlets, with network presence spreading across 87% of the country, covering more than 400,000 villages and 5,000 census towns. But before opening up an account you have to see these benefits and terms & conditions. Which are : (1) Your Airtel mobile number is also your account number. (2) Earn 7.25% interest on your bank account. (3) For every Rupee that you deposit, you get equivalent talk time (Offer is valid only for the time of opening the account). (4) Free personal accident insurance cover of Rs. 1 Lac. (5) Withdraw cash at any of Airtel Banking Points or transfer amounts to other bank accounts or othe airtel payments bank account through My Airtel app. (6) At the time of withdrawal you will have to pay 0.65% of the amount. (7) If you transfer money to any other bank account you have to pay 0.5% of the amount. This is not applicable if you send money to an Airtel Payments Bank account. (8) You will get a Virtual Debit Card to shop online. (9) But a maximum amount of 1 lakh Indian Rupees can be deposited in a single account.
Investment
The bank's capital at its establishment was ₹3,000 crore ($441 million). Airtel Payments Bank reported deposits of Rs 68.33 crore at the end of the financial year ended 31st March 2017, which was its first year of operation. [2][3]
References
- ↑ "Airtel M-Commerce Services Ltd rechristened as Airtel Payments Bank Ltd Company unveils new brand identity". Bharti.com. Retrieved 2017-01-13.
- ↑ Pahwa, Nikhil (2017-07-04). "Airtel Payments Bank reports deposits of Rs 68.33 crore at end of FY17". MediaNama. Retrieved 2017-07-10.
- ↑ "Bharti Airtel to spend $441 million to set up payments bank". Economictimes.indiatimes.com. Retrieved 2017-01-13.