In what might be a move towards encouraging customers to adopt cashless economy as well support the Indian government in pushing the Digital India scheme, Airtel Payments Bank a sub-division of Bharti Airtel has announced that customers who open savings accounts with the Payments Bank will get one minute of talk time on their Airtel mobile number for every rupee deposited.
Supposedly, if a customer opens an account with a deposit of Rs 2000 then he/she will get 2000 minutes of free talk time on his/her Airtel mobile number.
The talk time can be used for Airtel to Airtel calling all over India for 30 days. However, the offer will be applicable on first-time deposits only.
What's interesting is that a customer can deposit a maximum of Rs. 1 lakh in the Payments Bank account in coherence with the Reserve Bank of India (RBI) guidelines.
While the Airtel Payments Bank has been deployed as a pilot service in Rajasthan, the main objective of the Payments Bank will be testing its systems and processes ahead of full-scale pan-India launch.
As such, Shashi Arora, MD and CEO, Airtel Payments Bank stated that the bank was leveraging Airtel's telecom ecosystem to bring banking services to the doorsteps of every Indian.
He added that Airtel Bank was confident that this additional benefit along with the industry-best interest rate on deposits will encourage customers to open accounts with the Payments bank and give a big boost to customer acquisition.
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Alternatively, Airtel is also trying to expand the merchant networks, where customers can use Airtel Payments for their purchases. Regarding the matter, Shashi Arora revealed that the Airtel Bank will be undertaking a massive drive to enroll over one lakh merchants in Rajasthan by the year-end.
The merchants will not be charged anything for accepting digital payments from Airtel Payments Bank customers.
Furthermore, Airtel Bank believes that this move will boost the digital payments ecosystem hugely and reduce dependence on cash.