Advertisement
Friday, Aug 12, 2022
Outlook.com
Outlook.com

Airtel Payments Bank Gets Scheduled Bank Status From RBI

RBI has recently approved Airtel Payment Bank to operate as a scheduled bank. It offers end to end digital banking solution.

Airtel Payments Bank Gets Scheduled Bank Status From RBI
Airtel Payments Bank Gets Scheduled Bank Status From RBI
outlookindia.com
2022-01-04T22:45:41+05:30

Airtel Payments Bank on Tuesday said it has been categorised as a scheduled bank by the Reserve Bank of India (RBI). 

With this, Airtel Payments Bank can now pitch for government-issued Requests for Proposals (RFPs) and primary auctions and undertake both central and state government business, besides participating in government-operated welfare schemes, it said in a statement. 

"In a boost to its fast-growing digital banking footprint, Airtel Payments Bank has been categorised as Scheduled Bank by the Reserve Bank of India," it said. 

 Airtel Payments Bank is among the fastest-growing digital banks in the country, with a base of 115 million users. It offers a suite of digital solutions through the Airtel Thanks app and a retail network of over 500,000 neighbourhood banking points

The bank turned profitable in the quarter ended September 2021. 

Anubrata Biswas, CEO of Airtel Payments Bank, said, "We are thankful to the Reserve Bank of India for adding us to the list of Scheduled Banks." 

Airtel Payments Bank has one of the largest retail networks with over 500,000 neighbourhood banking points. It witnessed a remarkable spike in the number of new accounts opened during the FY21, as transactions too rose, the company official said. At present, one in six villages in India has the services of Airtel Payments Bank.

Its digital banking solutions help users to open a bank account in five minutes by completing KYC through video, and also ensure secure payments using Safe Pay and get benefits with the 'Rewards123' programme.

"This status is an important milestone in our growth journey and will further reinforce the trust our customers have placed with the bank," Biswas added.

 The digital savings program - Rewards123 gives various add-on benefits to customers when they transact digitally using the account. Furthermore, customers can easily enable Airtel Safe Pay, which is being touted as India's safest way of making digital payments.

(With Inputs from PTI)

Advertisement

Outlook Newsletters

Advertisement
Advertisement
Advertisement

Read More from Outlook

Lament Of Separation: Songs Of Habba Khatun, Last Queen Of Kashmir, Still Echo In Valley

Lament Of Separation: Songs Of Habba Khatun, Last Queen Of Kashmir, Still Echo In Valley

In happy times and sad, Habba Khatun’s sensuous songs make both young and old emotional. With the never-ending conflict bringing tragedies to every doorstep, Habba’s lyrics of separation amplify their mourning.

How Indian Laws Govern People’s Right To Love And Live

How Indian Laws Govern People’s Right To Love And Live

In India, only those relationships between a man and a woman are considered to be legitimate when there is a marriage between the two.

Kohli Quits Test Captaincy, Leaves Leadership Vacuum

Kohli Quits Test Captaincy, Leaves Leadership Vacuum

Virat Kohli, 33, had recently stepped down as India's T20I captain and was subsequently removed as the ODI captain.

UP Elections 2022: How Congress Is Harnessing Power Of 'Persecuted' Women To Counter BJP

UP Elections 2022: How Congress Is Harnessing Power Of 'Persecuted' Women To Counter BJP

A Mahila Congress leader, who is the face of the ‘Ladki Hoon, Lad Sakti Hoon’ campaign, however, has accused the party of anti-women bias after she was denied a ticket.

Advertisement