Airtel Payments Bank starts pilot services in Rajasthan, becomes India’s first Payments Bank to go live

Airtel Payments Bank started pilot services in Rajasthan, announces Airtel. Airtel Payments Bank will provide basic banking services, especially that the customers will now be able to open bank accounts at Airtel retail outlets.

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A wide range of sellers/shops across Rajasthan will accept digital payments from Airtel Bank. It means that the customers can make a cashless purchase of goods and services via their mobile phones. By the end of the year, around 100,000 merchant networks in Rajasthan will accept Airtel Bank payments.

Commenting on the launch, Shashi Arora, MD & CEO, Airtel Payments Bank, said, “Airtel Payments Bank is fully committed to the Government’s vision of financial inclusion and banking for all. Airtel Payments Bank will play an important role in taking banking services to the last mile in a quick and efficient manner and benefit millions of unbanked citizens of this country. With this pilot, we have taken a big step towards the launch of our banking services and will be testing our operational readiness for full-scale launch across India. We would also like to use feedback from our customers to further improve our processes and look forward to serving them.”

The service is paperless at Airtel Bank. The users can open accounts using Aadhaar based e-KYC. The customer’s Airtel number will be his/her bank account number. The savings account will receive an interest rate of 7.25% per annum. Also, the users have the convenience to transfer money to any bank accounts in India. Moreover, the customers are eligible to avail a personal accidental insurance of Rs. 1 lakh with every savings account.