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.