The Reserve Bank of India has approved payments bank license to Airtel M Commerce Services Limited (AMSL), a subsidiary of telecom operator Bharti Airtel.
“Pursuant to Regulation 30 of Listing Regulation, we are pleased to inform you that Airtel M Commerce Services Limited (AMSL), a subsidiary of Bharti Airtel Limited has been granted payments bank license from Reserve Bank of India on April 11, 2016,” the company said.
Payments Bank can accept deposits of up to Rs 100K and can offer current and savings account deposits. They can also issue debit cards and offer internet banking.
Earlier, the apex bank had given in-principle approval to 11 entities, including Reliance Industries, Aditya Birla Nuvo, Paytm, Vodafone, and Airtel, for the payments banks licences.
The other entities which received the ‘in-principle’ approval were Department of Posts, Cholamandalam Distribution Services, Tech Mahindra, National Securities Depository Limited (NSDL), Fino PayTech, and Sun Pharma’s Dilip Shantilal Shanghvi.
“The ‘in-principle’ approval granted will be valid for a period of 18 months, during which time the applicants have to comply with the requirements under the guidelines and fulfil the other conditions as may be stipulated by the Reserve Bank,” the apex bank had said.
