Earlier Airtel had launched a pilot program for its banking services in Rajasthan. After the roll out, it saw over 1 lakh new registrations in just two weeks.
Following its success and with an aim to develop a nation-wide digital payments ecosystem, Airtel has formally announced its Airtel Payments Bank service. Further, the telecom service provider stated that the banking service will now be live in 29 states of India.
Highlighting the importance of the banking service, Sunil Bharti Mittal, Chairman of Bharti Enterprises said that with Airtel Payments Bank, the company was starting another important chapter in its journey and that Airtel had the potential to truly transform lives and contribute to financial inclusion in the country. He added that 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.
Indeed, the Airtel Payments Bank will provide services to a larger crowd. As of now, Airtel already has nearly 2,50,000 retail stores across the country and all of these stores will function and banking points. Customers can easily deposit and withdraw money from these banking points. Apparently, Airtel has plans to further expand its retail stores in the days to come.
In addition, Airtel has an app that will help customers in conducting various transactions. And it is not only limited to smartphone users, but feature phone users can also access the banking services through USSD and IVR which supports 12 languages. Airtel also has plans to introduce a virtual debit card fro its Payments Bank.
Airtel also claims to offer numerous benefits for Airtel Payments Bank's customers. Notably, the Bank will not charge any processing fee from its customers and merchant partners for digital transactions. It will also offer customers an interest rate of 7.25 per cent per annum.
Other benefits include one minute of Airtel mobile talk time for every rupee deposited and free personal accidental insurance of Rs 1 lakh for every savings account opened.
Interested people can open their account using their Aadhar card and their mobile number will act as the account number.