airtel payment bank

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Payments bank: Airtel sells 19.90% stake in AMSL to Kotak

Bharti Airtel said that Kotak Mahindra Bank has agreed to buy 19.90% stake in Airtel M Commerce Services Ltd (AMSL) for Rs 98.38 crore. The move is aimed at speeding up the process for setting up a payments bank. AMSL, which is a wholly-owned subsidiary of Bharti Airtel, was among the 11 companies that received a payments bank license from the Reserve Bank of India in August last year. Subsequently,… Read More

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Vodafone, Airtel get nod for payment banks from RBI

The Reserve Bank of India (RBI) gave approval for 11 entities, including telecoms like Bharti Airtel and Vodafone to set up payment banks. These banks can accept deposits and remittances, but will not advance loans. Vodafone India finds this as an opportunity to accelerate India’s journey into cashless economy. “We are grateful to the RBI for giving us the license for setting up a payment bank. With over 90,000 ‘M-Pesa’… Read More

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