Airtel Payments Bank, the banking services arm of Bharti Airtel, today said it will invest Rs 3000 crore to develop a pan India banking and digital payments ecosystem.
This was announced during the nation wide launch of the payments bank. Union Finance minister Arun Jaitley launched the banking service along with Bharti Group Chairman Sunil Bharti Mittal.
“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,” said Sunil Bharti Mittal.
The Rs 3000 crore investment, the company said, will be used to develop a network of 250,000 banking points across the country from the day one. Airtel Payments Bank will also develop a nation-wide digital payments ecosystem with over five million merchants. At present the company have already added over 1 million such merchants.
For the payments bank Airtel has partnered with MasterCard to offer payments bank card to its customers who can use the card as like any debit or ATM card. The company already has over a million savings account holders.
What You Can Do With Airtel Payments Bank
- Like a traditional bank, one can open a savings account in a payments bank.
- Your Airtel mobile number is your account number
- You may get a debit/ATM card
- You will not get a credit card
- You can earn interest of 7.25% p.a on your deposit
- You can deposit upto Rs 1,00,000
- You can transfer money to any bank account
- You can do online shopping, ticket booking, transactions etc
- You can withdraw cash
- You get Rs 1 lakh personal accident insurance with a new savings account