Telecom services company Bharti Airtel has champed online marketplace Paytm to initiate India's first payments bank — Airtel Payments Bank. The company has picked Rajasthan as the launch pad for its banking services. The pilot is meant for testing systems and processes in advance of a full-scale pan-India launch. Paytm had originally planned to launch its payments bank on Diwali day last month.
Airtel Payments Bank rollout comes at a vital point for payments bank as the country struggles with the consequences of the government’s demonetization drive. To start with, customers across Rajasthan can now easily open bank accounts at 10,000 Airtel retail outlets, which will double up as Airtel banking aims and offers a variety of basic, convenient banking services. The company said it will increase its merchant network in Rajasthan to 100,000 by the end of the year, giving a big push to digital payments ecosystem.
Meanwhile, at 9:35 AM, Bharti Airtel share price slipped by 0.38% to trade at Rs. 299.40.
Shashi Arora, MD & CEO, Airtel Payments Bank, said in a statement that Airtel Payments Bank will play a vital role in taking banking services to the last mile in a quick and competent manner and benefit millions of unbanked citizens of this country. With this pilot, Bharti Airtel has taken a big step towards the launch of their banking services and will be testing their operational readiness for full-scale launch across India.
Airtel Payments Bank plans to influence Bharti Airtel’s extensive network of over 1.5 million retail outlets, with deep penetration in rural areas. The Reserve Bank of India had approved payments bank licence to Airtel on April 11.
Bharti Airtel is the top 500 recommended stock by Dynamic Levels for the quarter. For the details on the stock, visit Bharti Airtel share price history page of Dynamic Levels website.
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