After rolling out pilots in several cities, Airtel Payments Bank, a subsidiary of Bharti Airtel today rolled out its banking services at 250,000 banking points in all the 29 states across the country. Airtel retail stores across the country will also function as banking points, and customers will be able to open savings accounts, deposit and withdraw cash across any of these banking points.
Airtel Payments Bank will invest Rs. 3000 crores to develop a pan India banking network and digital payments ecosystem. It already has over one million customers who were added during the pilot phase. It will develop a nation-wide digital payments ecosystem with over five million merchants.
Airtel said that anyone, even non-Airtel customers with an Aadhaar card can open a Savings Account with Airtel Bank. It has also launched Airtel Payments Bank wallet (previously Airtel Money) that can be accessed through MyAirtel app and Online Card in collaboration with MasterCard for convenient banking and cashless payments.
- Digital Banking: Quick and paperless account opening using Aadhaar based e-KYC. This requires no documents at all, only the customer’s Aadhaar number is needed
- Customer’s Airtel mobile number will be his/her bank account number
- Interest rate of 7.25 % p.a. on deposits in savings accounts
- Money transfer to any bank account in India (Free money transfer from Airtel to Airtel numbers within Airtel Bank)
- Personal Accidental Insurance of Rs. 1 Lac with every Savings Account
- Easy deposit and withdrawal facility across a wide network of Airtel retail outlets
- USSD and IVR in 12 languages for non-smartphone customers.
Commenting on the launch, Sunil Bharti Mittal said:
Bharti has always undertaken transformational initiatives that have the potential to make a positive impact on the society and contribute to the development of India. Airtel has been at the forefront of India’s digital transformation and has empowered over 260 million customers with affordable telecom services. With Airtel Payments Bank, we are starting another important chapter in our journey, with the potential to truly transform lives and contribute to financial inclusion in the country. Just like mobile telephony leapfrogged traditional telecom networks to take affordable telecom services deep into the country, Airtel Payments Bank aims to take digital banking services to the unbanked over their mobile phones in a quick and efficient manner. Millions of Indians in rural areas will get their first formal banking experience with Airtel Payments Bank.
We are fully committed to the Hon’ble Prime Minister Shri Narendra Modi’s call to build a Digital India and lay a strong foundation for India’s transition to a cashless economy. Airtel Payments Bank will invest towards building a vast digital payments ecosystem with millions of merchants, and allow customers to make convenient cashless payments for good and services with their mobile phones.