Airtel Payments Bank Opens 1 Lakh Savings Accounts in Madhya Pradesh Since its Inception

India’s first payments Bank, Airtel Payments Bank has announced that the company has opened over one lakh (1,00,000) savings accounts in Madhya Pradesh. Airtel said that approximately 70 percent of these accounts had been opened in rural areas. The telco commenced the Airtel Payments Bank operations back in January 2017.

Airtel-payments-bank-account

Airtel Payments Bank has been successful in most of the areas ever since its inception and Airtel has converted all its retail stores to banking points to store, withdraw, and open an Airtel Payments Bank account.

As of now, the telco has announced its payments bank service in over 160 villages of Madhya Pradesh to go cashless. All these villages will now have access to essential banking services and the option of transacting digitally thereby making them less reliant on cash.

Over 30,000 neighborhood Airtel retail stores across whole Madhya Pradesh are converted to banking points, and customers can open savings accounts, deposit, and withdraw cash across any of these banking points. A total of 2,50,000 Airtel retails stores are being converted to banking points across the country.

Shashi Arora, MD & CEO, Airtel Payments Bank said, “We are thankful to our valued customers for the trust invested in our banking services. Our differentiated banking model coupled with Airtel’s steady ecosystem has helped us extend our services to the unbanked and underbanked in the region. We look forward to continued support from our customers as we work together in bringing in a new era of banking in India.”

Airtel has already partnered with over one million merchants across the country to transact via Airtel Payments Bank.

As mentioned earlier, Airtel Payments Bank currently has a network of over 250,000 Airtel retail stores, which also function as banking points. This is more than the total number of ATMs in the country. The Bank aims to scale its network to 600,000 banking points. Airtel Payments Bank has committed an investment of Rs. 3000 crore across its national operations.

Just a couple of days ago, Bharti Airtel revealed that it had opened over 150,000 savings accounts ever since its inception in Odisha. Interestingly, 30% of the total registrations came from rural areas.

Passionately following the Indian #Telecom Industry for over a decade from Business, Consumer and a Technical perspective. My primary focus area is Consumer & Digital Experience.

2
Leave a Reply

avatar
Photo and Image Files
 
 
 
1 Comment threads
1 Thread replies
0 Followers
 
Most reacted comment
Hottest comment thread
2 Comment authors
Yogesh ChauhanSAROJ Recent comment authors
newest oldest most voted
SAROJ
SAROJ

Do not go for it.you have to pay charges for withdrawing your own money even a single rupee.the charges is 0.4% ofdline and online is 0.5% for a single rupee

Yogesh Chauhan
Yogesh Chauhan

Are you mad…..Their is no charge up to Rs 1000 transaction done online……Yes their are charges if you withdraw hard cash…..

Recent Posts

Tata Sky Mobile App Features Detailed: Live TV, On-Demand, Watchlist, Profile and More

After the introduction of the new tariff regime by the Telecom Regulatory Authority of India (Trai), the broadcasting and the...

DoT Circulates Draft Cabinet Note for Allocation of 4G Spectrum to BSNL and MTNL

State-run telcos, Bharat Sanchar Nigam Limited (BSNL) and Mahanagar Telephone Nigam Limited (MTNL) have been under pressure for not generating...

D2h Subscribers Bound by Two Month Lock-in Period on Sports Channels Due to Cricket Season

Ever since the beginning of the cricket season, the DTH industry was brewing with new offers, packs and discounts which...