Tuesday, March 21, 2017

First live payments bank

Airtel has launched India's first live payments bank,which would provide an interest of 7.25% per annum on deposits offering services in Rajasthan in a limited scale. The payments bank is testing systems and processes ahead of a full scale, pan-Indian launch, the company said in a statement. The pilot will run at 10,000 Airtel retail outlets where basic banking services will be provided. Airtel Payments Bank is planning to expand its merchant network in Rajasthan to 100,000 by the end of the year. Customers can open bank accounts by using Aadhaar based e-KYC. Airtel subscriber’s mobile number will function as a bank account number. The bank will accept deposits not exceeding Rs 1 lakh. It cannot perform lending activities, except while giving loans to its employees on approval of the board.

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