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Wednesday, May 4, 2016

Airtel Payments Bank to begin operations from Q2

Airtel M-Commerce Services, a subsidiary of Bharti Airtel (Airtel), on Tuesday said it has been renamed as Airtel Payments Bank after receiving the necessary approvals from all concerned authorities.

The company also unveiled a new logo to reflect its new identity. The company plans to start rolling out its banking network in the second quarter of the current financial year, it said in a statement.

On April 11, Airtel Payments Bank received a payments bank licence from the Reserve Bank of India. It plans to leverage on Airtel’s national distribution network in the rural areas and offer a platform to deliver banking services to the last mile.

Currently, the Airtel distribution channel is spread across 15-lakh outlets covering around 87 per cent of the country’s population.

Kotak Mahindra Bank has acquired 19.90 per cent stake in Airtel Payments Bank for around Rs98.8 crore.

Source : Thehindubusinessline


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