Airtel launches payments bank operations nationwide

With an initial investment of Rs 3000 crores and offering an interest rate of 7.25 percent for savings account, Airtel has launched its Payment Bank here on Thursday. The bank was launched by Finance Minister Arun Jaitley himself.

According to Bharti Enterprises Chairman Sunil Bharti Mittal, Bank is planning to leverage Airtel’s existing customer base of 260 million and will have the phone number itself as the account number.

It is offering an interest rate of 7.25 per cent per annum on deposits in savings account.

According to a company statement, “Airtel Payments Bank commits an initial investment of Rs 3,000 crore to develop a pan India banking network and digital payments ecosystem,”.

Out of 11 companies that RBI has issued payment bank licence, 4-5 of them are telecom companies.

 One of the exciting features that bank has announced is that, For every rupee that you deposit, it will give you equivalent amount of talk-time. Also, Bank is going to give a Personal accident insurance of Rs 1 lakh for free. You could open a account in less than three minutes, just by a scan of your finger. With all the exciting plans and features, it’s certain that Airtel Payments bank is here to stay.
Let us know what you think about the above announcement in comment section.


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