Airtel Payments Bank starts its services
Posted on: 15/Dec/2016 12:32:03 PM
After Reserve Bank of India had issued in-principle payments licenses to 11 entities in an attempt to deepen financial inclusion Airtel Payments Bank Limited is the first payments bank in India to go live.
It has rolled out pilot services in Andhra Pradesh and Telangana. Unlike the traditional banks, Airtel Payments Bank allows customers to open an account with e-Aadhaar verification at their designated retail outlets.
Airtel Payments Bank offers basic banking services to customers. Customers will be able to open bank accounts at any of the designated Airtel retail outlets. Also, customers opening a savings account with Airtel Payments Bank will also get one minute of Airtel mobile talk time for every Rupee deposited.
The customers can pay money to merchants either through its app from a smartphone or using USSD from a basic mobile phone.
This feature could come handy for people, who are unable to pay for basic necessities such as food, etc due to cash crunch.
