Thursday, 12 January 2017

Finance Minister set to launch Airtel`s Payments Bank today

Finance Minister Arun Jaitley is scheduled to launch Airtel's Payment Bank today, which has been running pilot services in four states, reported PTI. Airtel has sent out media invites "for the launch of Airtel Payments Bank - India's first payments bank by Arun Jaitley" for January 12. Airtel first started its payments bank pilot in Rajasthan across 10,000 retail outlets on November 23, 2016, and later rolled out pilot services in Karnataka, Andhra Pradesh and Telangana. 

On April 11, 2016, Airtel Bank became the first entity in India to receive a payments bank licence from the Reserve Bank of India (RBI). It plans to expand payments bank service by leveraging Bharti Airtel's national distribution network of over 1.5 million retail outlets, with deep penetration in rural areas, reported PTI.

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