Airtel Payments Bank gets scheduled bank license from RBI

The central banker announced the inclusion of Airtel Payments Bank under the second schedule of the RBI Act, 1934.

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Bharti Airtel’s subsidiary Airtel Payments Bank gets a ‘scheduled bank’ license from the Reserve Bank of India (RBI) as per the second schedule of the RBI Act,1934. The Gurgaon-based company which has one of the largest retail networks with more than 500,000 banking Points of Sale (PoS) and saw an increase in new accounts that were opened during the last fiscal.

The digital banking major offer its solutions to both urban and rural audience. The products are designed to bring millions of users into the ambit of digital inclusion. At present, the company provides digital banking solutions to allow users to open a bank account in five minutes using the video KYC to get benefits with the ‘Rewards123’ programme. At present, one in six villages in the country is being served by the Airtel Payments Bank, the company officials said on the condition of anonymity.

Recently the digital banking major clocked one billion transactions volume milestone on its platform during the September quarter in FY 2021-22. The bank is having more than 115 million users across the country and more than 8 million merchants. The bank is among the top five issuers of FASTags and utility bill payments through the Bharat Bill Payments System.

The company posted revenue from operations of over Rs 1,000 crore, the bank turned profitable in the September quarter in FY 2020-21.