Airtel Payments bank will service basic banking services, enables the subscribers to open bank accounts at Airtel retail outlets.
Recently central government demonetized higher denomination currency notes Rs.500/- and Rs.1000/- to encourage digital transactions across India enabled telecom and online wallet portal companies to move further to provide online payment services to its customers.
A wide range of Rajashtan sellers/shops owners can accept payments through digital mode of Airtel bank. Through this service Airtel subscribers can purchase goods and services from their mobile phones without having cash.
Around One lakh merchant networks in Rajasthan circle will accept Airtel Bank payment by the end of the year.
In a statement Bharati Airtel MD and CEO, Airtel Payments Bank said, ‘Airtel Payments Bank is fully committed to the Government’s vision of financial inclusion and banking for all. Airtel Payments Bank will play an important role in taking banking services to the last mile in a quick and efficient manner and benefit millions of unbanked citizens of this country. With this pilot, we have taken a big step towards the launch of our banking services and will be testing our operational readiness for full-scale launch across India. We would also like to use feedback from our customers to further improve our processes and look forward to serving them’.
The user can experience paperless Airtel bank where they can open account using Aadhar KYC verification. The subscriber’s Airtel number will be his/her bank account number. The saving account will receive an interest rate of 7.25% per annum where they have access to transfer money to any bank accounts across the country. In addition customers are eligible to avail a personal accidental insurance of Rs.1 lakh with every savings account.
