India’s first Payments Bank has gone live, with Airtel Payments Bank, a subsidiary of Bharti Airtel, starting pilot services in Rajasthan.
With over ten thousand retail outlets across Rajasthan to function as banking points and offer convenient banking, customers stand to benefit immensely, the company said in an announcement.
Airtel Payments Bank Limited will offer interest rate at 7.25% per annum on savings accounts deposits. Digital payments will be accepted, thus contributing to the government's vision of financial inclusion and banking for all.
A wide network of merchants - sellers and shops - across the state of Rajasthan will accept digital payments from
Airtel Bank from day one, offering customers the convenience of cashless purchase of goods and services via their mobile phones in a quick and secure manner, the firm said.
Shares of Bharti Airtel Limited are down more than 1% at Rs 301 at present.