Airtel, after conducting pilot projects in four states across the nation, has launched the Airtel Payments Bank which is live and operating across 29 states. According to the giant telecom industry, there are over 250,000 Airtel retail stores across the country will act as banking points, which is more than the number of ATMs across India.
However, Airtel has strictly claimed that their Payments bank is very different from the already available Airtel Money Wallet. The bank allows you to transact with other banks and you also earn interest on the money which is deposited in the Payments Bank. The rate of interest earned by the money in your savings account is 7.25 % pa. The transfer from the Airtel Wallet to the Airtel Bank and vice versa is also a smooth operation. All one needs to be able to open an account in the Bank is an Aadhar based e-KYC and the customers mobile number will function as his/her bank account number. The bank also allows the customers to avail facilities like USSD and IVR in 12 different languages which are specially targeted at non-Smartphone customers.
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The other benefits which come with opening an account with the Airtel Payments Bank are that the customer gets include one minute Airtel mobile talk time for every rupee which is deposited into the savings account and a free Personal Accidental Insurance amounting to 1 lakh INR. The ATM cards which will be issued by this bank can be used to withdraw money from any ATM in the country.
Airtel payments Bank has made an initial investment of INR 3,000 crore which will aid in building and developing a pan-India e-banking network and develop digital payments in rural and lesser developed areas as well. Currently, Airtel has developed a Payment Bank application for Android and iOS users.
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“With Airtel Payments Bank, we are starting another important chapter in our journey, with the potential to truly transform lives and contribute to financial inclusion in the country. Just like mobile telephony leapfrogged traditional telecom networks to take affordable telecom services deep into the country, 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.” -Sunil Bharti Mittal.