Airtel Payments Bank, earlier today said that it had opened more than 150,000 savings accounts in Odisha since its inception in the city. Airtel also said that around 30 percent of accounts are opened in the rural areas, which is a noticeable thing.
To recall, Airtel payments Bank services went live at the start of 2017 along with 28 other states. So, within just three months, the company has reached the milestone.
Airtel says that over 15,000 nearby Airtel retail stores in Odisha are being operated as banking points for Airtel Payments Bank to add money into the payments account. Apart from adding cash, customers can open a savings account and withdraw money from the banking points. The majority of these retails banking points are present in the rural areas of the city. Airtel has over 2,50,000 banking points across the nation.
Shashi Arora, managing director & chief executive officer of Airtel Payments Bank, said: “Airtel Payments Bank has received an overwhelming response from customers in Odisha. We believe, Airtel Payments Bank’s differentiated banking model will play a major role in taking banking services to the last mile and benefit lakhs of unbanked people in the state.”
“Airtel Payments Bank will enable over more than 100 villages across Odisha to be less cash reliant as part of its endeavour to take its banking services deep into rural/unbanked areas and contribute to financial inclusion in the country. These villages will have access to basic banking services and the option of making digital payments, making them less reliant on cash,” says Airtel in the press statement.
Airtel is betting big on the Airtel Payments Bank system as the company has already partnered with five million merchants to accept payment from the Payments Bank. Airtel Payments Bank will not charge any processing fee from its customers and merchants partners for digital transactions, thereby encouraging them to adopt cashless payments.