Bharti Airtel has renamed its subsidiary Airtel M-Commerce Services Limited as “Airtel Payments Bank Limited”. A new logo has also been unveiled for the same. According to Airtel, the name change is a reflection of company’s focus on the payments bank sector. Airtel Payments Bank Limited is the first entity in India to receive a payments bank license from the Reserve Bank of India (RBI). Its services will be rolled out in the second quarter of the current financial year.
Commenting on the name change and new logo of Airtel Payments Bank Ltd, Gopal Vittal, MD & CEO (India & South Asia), Bharti Airtel said, “The new identity reflects our strong focus on the payments bank segment and our commitment to the Government’s vision of financial inclusion and banking services for every citizen. With Airtel’s deep distribution network that touches every corner of the country, we believe that Airtel Payments Bank is uniquely placed to deliver quality banking services to customers by leveraging the power of mobile telephony.”
Airtel Payments Bank Limited currently provides money transfer services and semi-closed wallet services (Airtel Money). The Company has a presence in 800 plus towns across India. The company plans to expand into rural areas. Currently, the Airtel distribution channel is spread across 1.5 Mn outlets with network presence in 5,126 censuses and 464,361 non-census towns and villages in India covering approximately 87% of the country’s population.
Kotak Mahindra Bank has acquired 19.90% stake in Airtel Payments Bank Limited for a consideration of nearly INR 98.8 crore. Kotak is expected to bring its banking expertise to the venture.
