Bharti Airtel and Bharti Enterprises Inject Around Rs 325 Crore in Airtel Payments Bank

Airtel Payments Bank on Tuesday announced it has partnered with Bharti AXA Life Insurance to offer the Bharti AXA Life POS Saral Jeevan Bima Yojana via its network of banking points across the country

By July 2nd, 2019 AT 6:12 PM
Highlights
  • Bharti Airtel infused around Rs 260 crore while Bharti Enterprises funded Rs 65 crore to Airtel Payments Bank
  • Airtel Payments Bank is aggressively looking to expand operations in the country

Bharti Airtel and Bharti Enterprises have injected about Rs 325 crore in Airtel Payments Bank, as per regulatory documents. The fund infusion from Bharti Airtel stood at Rs 260 crore, and that from Bharti Enterprises at Rs 65 crore in the form of preference shares, according to the details of the filing shared by market intelligence firm Tofler.

In response to an email query sent by PTI on the issue, Airtel Payments Bank Managing Director and CEO, Anubrata Biswas said that the company would continue to invest in ramping up operations to tap the “enormous opportunity presenting itself”.

“The country is going through an unprecedented digital transformation, driven by the Government’s vision of Digital India and banking for every Indian,” Biswas said, adding that Airtel Payments Bank is experiencing rapid growth, driven by its reach (through 5,00,000 retail banking points), digital proposition and large customer base.

“The bank has developed a robust platform to take convenient digital banking services to the vast under-banked population, across individuals and merchants …We will continue to invest in scaling up our operations in order to harness the enormous opportunity presenting itself,” Biswas said.

Meanwhile, Airtel Payments Bank on Tuesday announced it has partnered with Bharti AXA Life Insurance to offer the Bharti AXA Life POS Saral Jeevan Bima Yojana via its network of banking points across the country.

Bharti AXA Life POS (Point of Sale) Saral Jeevan Bima Yojana is a pure life term insurance plan aimed at the underinsured and uninsured segments in India, the company said in a statement.

“The consumers are offered the option to choose a policy cover of either 3 lakh or 5 lakh at affordable premiums,” it added.

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