Airtel Payments Bank Limited, the first payments bank in India to go LIVE, today extended its footprint to South India by rolling out pilot services in Karnataka. This follows its successful pilot roll out in Rajasthan, where over 100,000 customers opened savings accounts in less than two weeks of commencement of services.
Airtel Payments Bank offers basic banking services to customers by leveraging Airtel’s vast retail network and taking basic banking services to the doorstep of customers via neighborhood Airtel retailers. In Karnataka, Airtel Payments Bank is rolling out pilot services across 12,000 Airtel retail outlets, which also acts as banking points. 70 % of these banking points are in rural areas, thereby driving financial inclusion and reaching unbanked/underbanked areas.
Customers will now be able to open bank accounts at any of the designated Airtel retail outlets and enjoy a host of convenient banking services. Customers opening a savings account with Airtel Payments Bank will also get one minute of Airtel mobile talk time for every Rupee deposited. For e.g. if a customer opens an account with a deposit of Rs 500 then he/she will get 500 minutes of free talk time for calls to anywhere in India on his/her Airtel mobile number
Commenting on the launch of Airtel Payments Bank, Hon’ble Chief Minister, Government of Karnataka, Siddaramaiah said, “The mobile phone has emerged as a powerful device to drive financial inclusion and advance cashless transactions in the country. Evolving financial inclusion for the citizens, Airtel Payments Bank will accelerate as a significant banking partner in taking digital banking experience to the rural citizens. I invite the citizens of Karnataka to embrace digital economy and wish that the unbanked make use of the occasion to adopt digital payments. I look forward to a successful transition to digital banking”.
Shashi Arora, MD & CEO – Airtel Payments Bank said, “We are pleased to rollout our pilot service in Karnataka and look forward to serving customers and contributing the financial inclusion vision of the two states. We have received an extremely positive response from customers in Rajasthan and would like to replicate the same in Karnataka before we rollout our services nationally.”
Airtel Payments Bank is a fully digital and paperless bank and customers can access services over their mobile phones, including all feature/basic mobile phones.
• Digital Banking: Quick and paperless account opening using Aadhaar based e-KYC. This requires no documents at all, only the customer’s Aadhaar number is needed
• Customer’s Airtel mobile number will be his/her bank account number
• Interest rate of 7.25 % p.a. on deposits in savings accounts
• Money transfer to any bank account in India (Free money transfer from Airtel to Airtel numbers within Airtel Payments Bank)
• Personal Accidental Insurance of Rs. 1 Lac with every Savings Account
• Easy deposit and withdrawal facility across a wide network of Airtel retail outlets
Airtel Payments Bank plans to develop a nationwide merchant ecosystem of over 3 million partners that will include small kirana stores, small shops and restaurants etc. These merchant partners will accept digital payments for goods and services from Airtel Payments Bank customers over mobile phones. Airtel Payments Bank will not charge any processing fee from merchants and this facility would be totally free for the customers as well as the merchants. This is a step towards making India a cashless economy with more and more digital transactions at merchant locations.
Airtel Payments Bank also announced a range of proactive initiatives to drive the adoption of digital/cashless payments and contribute to the Government of India’s efforts to accelerate India’s transition to a cashless economy.
Airtel Payments Bank’s services can be accessed by Airtel customers on their mobile phones through the Airtel Money app, through USSD by dialing *400#; or via a simple Voice Response Mechanism (IVR) by dialing 400. Both the USSD & IVR options are available in Kannada, Telugu, Hindi and English language and work on simple feature phones as well. Non Airtel customers can access Airtel Payments Bank’s services by dialing 8800688006 or by using the Airtel Money app. Customers can also visit any designated Airtel retail outlet to access services (and not just the outlet where they have opened the account).
On April 11, 2016, Airtel Payments Bank became the first entity in India to receive a payments bank license from the Reserve Bank of India (RBI). It intends to bring banking services to the doorstep of every citizen of the country. It plans to leverage Bharti Airtel’s extensive national distribution network of over 1.5 million retail outlets, with deep penetration in rural areas.
Airtel Payments Bank’s product portfolio includes payment banking services and semi-closed mobile wallet services (Airtel Money).
Who can open an account with Airtel Payments Bank? Does one need to be an Airtel customer?
Anyone (non-Airtel customers also) with an Aadhaar number can open a Savings Account with Airtel Payments Bank.
How do I open an account with Airtel Payments Bank? What documents do I require?
A Customer can open an account by visiting a designated Airtel retail outlet in his/her neighbourhood. No documents are required. Only the customer’s Aadhaar number is needed for opening an account. The account will be opened through a paperless process within minutes through Aadhaar based e-KYC authentication.
Does Airtel payments Bank offer ATM/Debit Card facility?
Airtel Payments Bank does not offer ATM/Debit Card facility, at present. Customers can deposit withdraw cash at any of the designated Airtel retail outlets, which will also function as Airtel banking points.
How does a customer check his/her account balance?
Airtel Payments Bank is a paperless bank. Customers can check their account balance and access other services using Airtel Money app, USSD or IVR over their mobile phones
How can one transfer money from Airtel Payments Bank to family and friends? Can I transfer money to any bank account in India?
Customers can access money transfer services using the the Airtel Money app or through USSD by dialing *400#. Money transfers from one Airtel number to another Airtel number within the bank will be free.
*Airtel to Airtel mobile minutes for calling all over India. Validity of 30 days
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