Bharti Airtel to apply for Bank Payment license


Bharti Airtel Limited has announced that it will apply for payments bank license. The company is seeking to convert its existing Prepaid Payment Instrument license into a payments bank license to be issued by the Reserve Bank of India.

Airtel logo

The company also announced that if it is granted the a Payments Bank license to Airtel M-Commerce Services Ltd (AMSL) which offers mobile money services under the brand name “Airtel Money”, Kotak Mahindra Bank Limited will acquire 19.90% stake in AMSL as an investor.

“We welcome the Reserve Bank of India’s (RBI) initiative on Payments Bank. The RBI’s vision for differentiated banks represents a significant step in furthering India’s financial inclusion agenda. The RBI guidelines provide an exciting and challenging opportunity for an entity like us to contribute in a meaningful manner to drive financial inclusion”.

said Gopal Vittal, MD and CEO (India and South Asia), Bharti Airtel.

Payments banks, led by mobile operators and pre-paid specialists with existing networks, are expected to bring financial services within the reach of hundreds of millions of people. Airtel is the largest mobile services provider in India with over 215 million subscribers and with 31% revenue market share.


Author: Sneha Bokil

Sneha Bokil is a tech enthusiast and is currently using OnePlus 3T but she still treasures her Nokia N70 (M). You can follow her on Twitter @snehabokil and on Google+