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Andrew Bonwick
Vice President of Product Development at Relm Insurance
Madhav Sheth
CEO of Ai+ Smartphone
Stephen Rose
CEO Render Networks
Airtel Payments Bank (APB), an online banking subsidiary of Bharti Airtel, the second-largest telecom operator in the country, had a great performance in 2021. APB benefitted a lot from the Reserve Bank of India’s (RBI) decision of increasing the day-end savings limit to Rs 2 lakh last year. Earlier, the limit was Rs 1 lakh. As customers or users could save more money in their APB online savings account, the customer deposits went up to Rs 1,000 crore in 2021. This was a 75% gain compared to the previous year’s Rs 570 crore, reports PTI.
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Airtel Payments Bank Crossed 10 Crore Customer Mark in 2021
APB also added 35 lakh or 3.5 million new customers during the year, which took its total user base to 10 crores, and it was a big milestone for the company.
Anubrata Biswas, Managing Director, Airtel Payments Bank said, the growth in deposits shows the kind of trust people have in APB.
It is worth noting that Airtel Payments Bank was the first online banking platform that implemented the new rule of RBI allowing customers to deposit up to Rs 2 lakh in their savings account. For the same, APB started offering customers an attractive interest on savings of up to 6% for deposits above Rs 1 lakh.
In the same year, Airtel Payments Bank also turned profitable during the September quarter. APB has been able to achieve an annual revenue run rate of Rs 1,000 crore.
