Airtel Payments Bank Has More Outlets Than Total ATMs In The Country

Airtel Payments Bank, India’s first payments bank, was launched on 12 January and within little over one month the company has set up more retail outlets than the total number of ATMs in the country. The Payments Bank has more than 2,50,000 retail outlets – where people can open their account, deposit and withdraw money, compared to little over 2 lakh bank ATMs in the country.

Interestingly, majority of these retail outs of the payments bank were in rural areas in contrast to the bank ATMs, which are predominantly in urban and semi urban areas.

The payments bank of Airtel today said, since launch, it has opened over one and a half lakh (150,000) savings accounts in West Bengal. Of these, approximately 70% of the accounts have been opened in rural areas.

In West Bengal, over 21,000 neighbourhood Airtel retail stores also function as banking points, and customers can open savings accounts, deposit and withdraw cash across any of these banking points. The company had also set up around 700 outlets during the recently concluded Kolkata Book fair.

Cashless Village

Besides, the Airtel Payments Bank has also enabled over 100 villages across West Bengal to go cashless by setting up its retail outlets. These villages now have access to basic banking services and the option of making digital payments, making them less reliant on cash. The company said every village now has at least one Airtel Payments Bank outlet that provides banking services including cash deposits and withdrawals.

It also said that majority of the village households now have a savings account with Airtel Payments Bank and can bank/transact even with basic feature phones. Besides, merchants and shops in the village accept digital payments via mobile phones from Airtel Payments Bank customers. The company has also trained the the farmers/small artisans in the village to accept digital payments for their produce/goods/services.

Airtel Payments Bank aims to enable 5000 villages across India to go cashless under this initiative.

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

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